Mon, Dec 21, 2020 – 6:40 PM
CPH Ltd will still need to seek approval from shareholders in due course for the proposed disposal of its Singapore factory at 8 First Lok Yang Road, the Catalist-listed company clarified in an announcement on Monday.
The clarification was made in response to an article by The Business Times, which stated the company had obtained a waiver of the requirement to seek approval from shareholders for the transaction.
CPH said that it had granted an option to purchase the property in November, and was required to obtain shareholders’ approval at the time the option was granted. It applied to the Singapore Exchange Securities Trading Limited (SGX-ST) for a waiver of this requirement, and received a reply of “no objection” from SGX-ST.
However, the company will still be required to seek its shareholders’ approval for the proposed disposal itself in due course, as the disposal is considered a major transaction.
CPH is selling the factory via its wholly-owned subsidiary Circuits Plus for S$6.5 million to Asiapac Trading.
Shares of CPH closed at 0.5 Singapore cent on Monday, up 0.1 Singapore cent or 25 per cent.
