The trading of Challenger Technologies ’ shares will be suspended by the SGX-ST after the company’s free float fell below the required 10%.
As at 6pm on June 22, the offeror, a vehicle called DigiTech Holdings, received valid acceptances of 285.7 million shares representing about 71.1% of the total shares in Challenger. Based on the list from the Central Depository (CDP), Ng Leong Hai, who has given his irrevocable undertaking to sell his shares to the offeror, holds 83.1 million shares representing 20.68% of the total number of shares in the company.
The board of DigiTech Holdings comprises Challenger’s chairman Loo Leong Thye and Tan Keng Soon (Keith). Tan is the founding and managing partner of private equity firm, Dymon Asia.
On May 30, Loo, with the help of Dymon Asia, made another attempt to privatise the company, offering shareholders 56 cents per share. Loo’s first attempt took place in March 2019 but that was rejected by the company’s minority shareholders at an extraordinary general meeting (EGM).
On June 6, Loo improved his offer to 60 cents per share in a bid to entice minority shareholders to sell its shares to the offeror.
Shares in Challenger last traded at 60 cents.
