Challenger’s majority shareholder exercises right of compulsory acquisition

After the acquisition, Challenger will be delisted from the Mainboard of the SGX-ST.

DigiTech Holdings, the vehicle set up by Challenger Technologies’ 573 chairman Loo Leong Thye and private equity firm Dymon Asia, has exercised its right of compulsory acquisition under Section 215(1) of the Companies Act.

Under the Act, DigiTech Holdings will compulsorily acquire all the shares of the shareholders who have not accepted the offer as at the close of the offer.

Following the completion of the compulsory acquisition, DigiTech Holdings will own all the shares in Challenger. The company will be delisted from the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) at a date and time to be announced later.

DigiTech Holdings, on May 30, offered 56 cents to Challenger’s shareholders to sell their shares.

On June 6, the offer was improved to 60 cents per share.

The trading of Challenger’s shares were suspended on the SGX-ST after the company’s free float fell below the required 10%.

The closing date of the offer was extended to July 25.

Shares in Challenger last traded at 59.5 cents.

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