Shareholders have approved the resolutions to delist four subsidiaries of Singapore-based Goodhope Asia Holdings Ltd, the holding company of Carson Cumberbatch PLC, at the Extra Ordinary General Meetings (EGMs) held on Monday.
The board of directors of Goodhope Asia Holdings in a board meeting held on May 17 had decided to delist the shares of Indo Malay PLC, Shalimar (Malay) PLC, Good Hope PLC and Selinsing PLC.
According to a disclosure filed with the CSE, the four companies in the business of edible oils had made arrangements with Goodhope Asia Holdings Ltd to obtain the shares held by the minority shareholders to facilitate the proposed delisting of ordinary shares of the four entities.
Goodhope Asia Holdings has offered to purchase the shares of the four entities held by minority shareholders at prices above current market prices.
In 2011, a voluntary offer with the intent of delisting the four companies was made, which ultimately ended up without success. Again in 2015, another attempt was made to delist the entities from the CSE to avoid minimum public float requirements.
The market capitalisation of the four entities stands at around Rs.22 billion.
