ICP (SGX:5I4) is facing a potential voluntary delisting from the Singapore Exchange following an exit proposal from its controlling shareholder, Aw Cheok Huat, according to a Friday filing with the Singapore Exchange.
Aw is offering SG$0.009 per share in cash for all issued and paid-up ordinary shares of the company, excluding those already owned or agreed to be acquired by him and parties acting in concert with him.
The offer represents a 16.9% premium over ICP's one-month volume-weighted average price of SG$0.0077 up to April 1, the last trading day before the deal was announced.
Aw currently holds about 57.16% of ICP's share capital after acquiring a 23.2% stake previously for SG$0.007 per share.
ICP manufactures cosmetics, personal care and hygiene products. Its shares rose 14% in recent trading.
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