Only a few more hours remain for the unidentified buyer considering acquiring Singapore’s Otto Marine to submit a formal proposal for the transaction.
RHB Securities Singapore, the would-be buyer’s financial advisor, on Friday requested that trading of Otto Marine’s shares on the Singapore Exchange remain suspended until the close of business in Singapore on June 6.
If the buyer does not submit a formal proposal by 1700hrs (local time) today, trading of Otto’s shares will resume on Tuesday.
No proposal has yet been received, according to filing made by Otto at 1500hrs in Singapore today.
On June 2, Otto said a formal proposal was expected “as soon as possible”, when it announced the unknown firm was considering the acquisition.
A takeover could mark a turnaround for Otto Marine, which has skirted close to bankruptcy in recent years.