Soilbuild gets shareholder approval for delisting

Integrated property developer Soilbuild has received approval from a majority of its shareholders for the firm to be taken private and be delisted from the Singapore Exchange.

At the close of its exit offer on December 10, it received valid acceptances amounting to 523.2 million shares representing 99.43 per cent of all shares.

As the offeror has received more than 90 per cent of acceptances from its shareholders, it now intends to exercise its right of compulsory acquisition for all the remaining shares of the company.

Dolphin Acquisitions had made an exit offer of 80 cents a share to take Soilbuild private on 9 November 2010.

Soilbuild’s shares last closed at 79 cents on Friday.

The company will be delisted on December 20.

Source : Channel NewsAsia – 13 Dec 2010

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