Otto Marine plans to voluntarily delist from the Singapore Exchange after receiving a takeover offer from a company owned by Datuk Seri Yaw Chee Siew, Otto’s executive chairman and controlling shareholder.
The Singapore-based operator offshore vessels received the offer on Tuesday via financial adviser RHB Securities on behalf of the Yaw-controlled special purpose vehicle, which is incorporated in the British Virgin Islands.
The cash exit offer is priced at S$0.32 per share, and applies to all the issued ordinary shares held by Otto shareholders and any new shares raised before the deal is completed.
“The offeror has no current intention of making material changes to the group’s existing business or re-deploying the group’s fixed assets,” Otto said in an exchange filing.
The company will hold an extraordinary general meeting in which its shareholders will vote to approve the delisting plan. Voters representing at least 75% of Otto’s issued shares need to vote in favour of the plan in order for it to go ahead.
Otto’s directors have also applied to Singapore Exchange Securities Trading (SGX-ST) for approval of the scheme.