Dual-listed Korean shipping firm Pan Ocean Co., Ltd., which is listed on both the Singapore and Korean stock exchanges, on Monday (14 June) proposed a voluntary delisting exercise from the Singapore Exchange Securities Trading Limited (SGX) due to costs and low trading liquidity.
“In maintaining the Company’s dual listing status, the Company incurs various compliance and associated costs,” it stated.
“The Delisting, if approved, will allow the Company to focus its resources on its business operations. KRX is also geographically more aligned with the Company’s business operations and core business competencies (which are based in the Republic of Korea).”
According to Pan Ocean, approximately 99.97% of the total number of the company’s issued Shares are trading on the Korea Exchange (KRX) while the remaining figure resides on SGX where trading liquidity has been “generally thin”.
In the last 12 months, the average daily trading volume of Pan Ocean’s shares has been 81 units.
As such, Pan Ocean now offers holders of its shares to realise investments at a premium where each Offer Share will be priced at SGD 8.70 in cash; above the last transacted share price of SGD 8.00 at SGX on 10 May, 2021.
“The Delisting is not a privatisation exercise and the Company intends to maintain its primary listing on the Korea Exchange (“KRX”), and the Singapore Registered Shareholders who wish to trade their Shares on the KRX subsequent to the completion of the Delisting can elect to have their Shares transferred from the Singapore Branch Register to the Korea Register,” it notes.
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