The acquisition is conditional upon Procurri's shareholders holding three-fourths (or 75%) the value of the shares voting at the scheme meeting, regulatory approvals, the court order as well as the lodgement of the court order with the Accounting and Corporate Regulatory Authority (ACRA).
Exeo Global Asset Holdings, a wholly-owned subsidiary of Exeo Global, is seeking to take Procurri Corporation (SGX:BVQ
) private via a scheme of arrangement for 32 cents per share. In its April 28 announcement, Exeo Global Asset Holdings says it seeks to acquire all the shares it does not own in the Mainboard-listed company.
Exeo Global is a wholly-owned subsidiary of Japanese conglomerate Exeo Group, which is listed on the Tokyo Stock Exchange. Procurri is also a subsidiary of Exeo Global Asset Holding with Exeo Global Asset Holdings owning an 86.59% stake in the company.
