Isetan Singapore announced that the scheme meeting which required a super majority to approve the proposed acquisition of Isetan by its major shareholder Isetan Mitsukoshi, was approved with 91.38% of shares voting for the scheme. Isetan Mitsukoshi and Isetan Foundation did not vote.
The Scheme is conditional upon the grant of the order of the High Court of Singapore sanctioning the Scheme under Section 210 of the Singapore Companies Act, and such court order having become final, and the lodgment of the Scheme Court Order with the Accounting and Corporate Regulatory Authority of Singapore.
The Scheme is expected to become effective in accordance with its terms in mid-September 2024, subject to the availability of the Court hearing date.
In April, Isetan Mitsukoshi offered $7.20 per share for the shares it did not own.
