Sinarmas Land's Offer Closed, Free Float Falls Below 10%
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Sinarmas Land's offer closed on June 2 with the offer no longer open for acceptances, according to a filing with the Singapore Exchange on Tuesday. The total numbers of shares owned by the offeror now represent around 98.65% of the total number of shares, resulting in a free float of less than 10%, resulting in a trading suspension. This comes after Lyon Investments increased its price offer for the acquisition of the company's shares to SG$0.31 per share, with the closing date of the offer extended to May 29.
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