MAINBOARD-LISTED electronics company TPV Technology on Monday announced that its proposed privatisation via a scheme of arrangement was sanctioned by the court on Nov 8.
However, the scheme is still subject to the delivery of a copy of the court order to the registrar of companies in Bermuda for registration, and this is expected to take place by Tuesday. The scheme is thus expected to become effective on Tuesday, assuming that all conditions are fulfilled or waived. It will lapse if it does not become effective by the long stop date of March 31, 2020.
TPV shares, which are dual-listed in Hong Kong and Singapore, will delist from both stock exchanges with effect from Thursday at 4pm, subject to the scheme becoming effective, as the company has received approval from the two bourse operators for the withdrawal of listing. The approval is not an indication of the merits of the scheme of the delisting, TPV noted.The company’s bourse filing on Monday also set out an indicative timetable for the remaining steps of the privatisation.
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