Broadway Industrial (SGX:B69) is looking to undertake a delisting exercise through selection capital reduction as the company had ceased to meet the free float requirements, according to a Friday filing with the Singapore Exchange, according to a Wednesday filing on the Singapore Exchange.
This follows the mandatory cash offer by Patec, which closed on Dec. 23, 2024.
Under the exercise, the company will cancel all the shares held by shareholders other than the controlling shareholder, Patec.
The company is proposing to cancel all shares held by non-controlling shareholders at SG$0.262 per share for an aggregate amount of around SG$4.5 million.
Patec has no intention to preserve the company's listing status.
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