SINGAPORE (THE BUSINESS TIMES) – Mainboard-listed property developer SingHaiyi on Friday  morning (Dec 17) said it has lost its free float and will be delisted, after its controlling shareholders’ voluntary unconditional cash offer secured 95.8 per cent valid acceptances, as at 6pm on Thursday.

This means less than 10 per cent of SingHaiyi shares are now held by the public.

To recap, SingHaiyi on Nov 9 received the privatisation offer from its owners Gordon and Celine Tang for 11.7 cents per offer share in cash, representing a significant 21.8 per cent discount to the group’s net asset value per share of 14.96 cents as at end of September this year.

The company’s shares hit a 3½-year high on the morning of Nov 10, following news of the offer.

The offer remains open for acceptance until its final closing date on Jan 10, 2022, when trading of SingHaiyi shares will be suspended.

The Tangs intend to exercise their rights of compulsory acquisition and delist the company following the offer’s close.

Shares of the group ended 0.1 cent, or 0.9 per cent, higher at 11.7 cents on Thursday.