SINGAPORE (July 2): Trading of shares in Memtech International will be suspended after its free float fell below 10% at the initial closing date of the offer.
As at 5pm last Friday, the total number of shares owned or agreed to be acquired by the offeror amounted to some 128.8 million shares or 91.94%.
This brings the company’s public float to 8.06%, below the 10% mark required for shares to be tradeable on SGX.
To recap, the Chuang family that owns Memtech in May made a voluntary conditional offer of $1.35 per share for the electronics components manufacturer with the intention of delisting it.
On Thursday, Memtech extended by two weeks to July 26 from July 12.
See: Cash offer for Memtech extended by 2 weeks to July 26
