Low Keng Huat's (SGX:F1E) controlling shareholder, Consistent Record, launched a general offer to acquire all shares of the company not already owned or controlled by the offeror.

The cash offer price is SG$0.72 per share, according to a Monday filing with the Singapore bourse.

The offer, made through UOB Kay Hian, is conditional on the offeror securing 90% of voting rights, excluding shares it already controls.

Majority shareholder Dato' Marco Low, who has deemed interests amounting to about 54.17% of the company, ultimately controls the offeror.

Consistent Record intends to delist Low Keng Huat, citing limited need for equity fundraising, high listing-maintenance costs and the desire for greater operational flexibility amid a challenging business outlook.

If the 90% threshold is met, the offeror plans to exercise its right to compulsorily acquire remaining shares and proceed with delisting.

Shares of the operative builders company surged over 17% in recent trade.