Singapore-based Otto Marine has announced plans to delist from the Singapore Exchange following a takeover offer made on June 2.
The offer for the offshore shipbuilding and chartering company was made via financial advisors and Otto shares were frozen at S$0.23 (US$0.17). The exit offer price for each share is S$0.32.
The company hoping to take ownership of Otto is owned by Datuk Seri Yaw Chee Siew and is a special purpose vehicle incorporated in the British Virgin Islands.
According to an Otto statement the company’s principal activities include that of investment holding. Yaw, who is the Executive Chairman of the company, is also the sole director of the unnamed company.