Jurong Cement gets SGX’s in-principle approval for delisting

Jurong Cement gets SGX’s in-principle approval for delisting
Published: 01 April 2010

Jurong Cement said it has received in-principle approval from the Singapore Exchange (SGX) to be delisted.

Its shares had been suspended since January when the total percentage of shares held in public hands fell below 10 per cent under the listing rules.

The public holds only about 5.6 per cent of Jurong Cements shares after Holcim Investments Singapore made a cash offer of S$2.50 per share.

Majority shareholder Holcim, which has an 88.1 per cent interest in Jurong Cement, had previously stated that it does not intend to maintain the firm’s delisting status. Holcim also indicated that it does not intend to support any action to restore the public float of Jurong Cement to the required 10 per cent level.