China Merchant Industry Holdings (CMIH) has passed the 90% threshold in its formal takeover bid for AVIC International Maritime Holdings.
SGX-listed AVIC International Maritime has submitted a request for the suspension of trading as the percentage of its shares in public hands dropped to below what is permitted at the close of its voluntary conditional offer on Monday evening.
It said in a statement filed with the exchange that CMIH intends to proceed with the compulsory purchase of outstanding shares held by dissenting shareholders, following which it intends to delist the company.
