Newsroom
20 Oct 2020
The Business Times : Amcorp Global given nod to resume trading
 
The Business Times : Amcorp Global given nod to resume trading 
 
FIONA LAM  fiolam@sph.com.sg 
 
THE Singapore Exchange (SGX) has no objection to the lifting of the trading suspension in shares of Malaysia-based Amcorp Global, formerly known as Tee Land.

This will be subject to the mainboard-listed real estate developer complying with its continuing listing obligations under the SGX listing manual.

In a bourse filing on Monday night, Amcorp Global said it will announce in due course the date of commencement of trading in its shares.

The company's controlling shareholder, Amcorp Supreme, last month inked two sale and purchase agreements to sell a total of 33 million shares or close to 7.4 per cent of Amcorp Global's share capital, to two independent and unrelated buyers.

When these share sales are completed, Amcorp Global will be able to restore its free float and thus resume trading.

Mainboard-listed Tee International in February sold its 63.6 per cent stake in Amcorp Global, then known as Tee Land, to Malaysia's Amcorp Group for S$50.6 million in cash.

Amcorp Group's wholly-owned subsidiary Amcorp Supreme then made a mandatory cash offer for Amcorp Global. When the offer closed and the latter lost its free float, trading in the counter was suspended on March 23.

Amcorp Group said in March that it planned to restore the free float, so as to lift the suspension and keep the stock listed.

In July, Amcorp Global announced SGX had granted it an extension of time till Oct 20 to restore the free float. The company said then that it remained committed to conducting a private placement.

Its shares last traded at 17.9 Singapore cents on March 18.