Privatisation move for Isetan Singapore underway
Isetan Mitsukoshi will acquire 19,500,000 shares in Isetan Singapore for $140m.
Japan-based Isetan Mitsukoshi has proposed to privatise Isetan (Singapore) Limited by acquiring the remaining shares in the company, excluding those they already own.
Isetan Mitsukoshi owns 52.73% of Isetan Singapore, translating to 21,750,000 shares. It plans to acquire 19,500,000 shares in Isetan Singapore for $140m (JPY15.7b).
In an announcement, Isetan Mitsukoshi will acquire shares in Isetan Singapore via a Scheme of Arrangement (SOA).
"SOA is conditional upon the approval from a majority in number representing 75% in value of the shareholders present and voting at the shareholders meeting [of Isetan Singapore]," Isetan Mitsukoshi said.
Isetan Singapore must also seek approval from the Singapore court.
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