SC Global’s free float falls below 10%

Shares of property developer SC Global that are freely traded on the Singapore Exchange (SGX) have dropped to 9.64 per cent of the firm’s issued shares.

This has triggered a voluntary unconditional cash offer by its majority shareholder, SC Global chairman Simon Cheong.

Based on Singapore law, the majority shareholder can force the delisting of a firm once the public float falls below 10 per cent.

Mr Cheong has been bidding to take the luxury property developer private since late last year.

According to a filing to the SGX on Wednesday, he has increased his stake in the firm to 90.36 per cent.

Mr Cheong has given minority shareholders until January 30 to accept his offer.

Source : Channel NewsAsia – 16 Jan 2013

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