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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.