The privatisation of Global Dragon will go through after the company’s offerors secured 95.50% of the shares as at the close of March 17.
As the 90% threshold has been crossed, property tycoon Koh Wee Meng will exercise his right to compulsorily acquire the rest of the shares at his offer price of 12 cents per share.
Koh, via an entity called JK Global Wealth, first made the offer on Feb 10.
Following this, an application will be made to the SGX-ST to delist the company.
Global Dragon was first listed on the Catalist board on Sept 27, 1999. Its net asset value (NAV) as at June 30, 2022, was at 13.17 cents.
Shares in Global Dragon closed flat at 11.9 cents on March 17.
