Second Chance Properties will be delisted from the Singapore Exchange S68 (SGX) at 9am on Nov 11. This comes after the company’s offeror exercised its right to acquire the shares of shareholders who have not accepted its offer on Nov 4.
On July 10, Second Chance Properties 528 ’ founder and CEO Mohamed Salleh Marican, through Final Chance Holdings, offered to take the company private at 30 cents per share.
The offer price represented a premium of around 39.5% over Second Chance Properties’ last-transacted price per share of 21.5 cents on July 9.
Second Chance Properties announced the loss of its free float on Aug 6 after Final Chance Holdings held a 90.53% stake in the company. Accordingly, about 8.82% of the total number of issued shares in Second Chance Properties were in public hands, falling below the regulatory limit of 10%.
