ICP receives privatisation offer from major shareholder

The offer price is $0.009 per share.

ICP Limited has received a voluntary exit offer of $0.009 per share from its major shareholder, Aw Cheok Huat.

Aw owns a 57.16% stake in ICP, equating to 1,910,252,777 shares.

The offer represents a 16.9% premium over the volume-weighted average price (VWAP) of $0.0077 for the one-month period ending 1 April and a 20% premium over the VWAP for the three months leading up to that date.

The offeror seeks to delist ICP from SGX Catalist, citing low trading liquidity. Over the past 12 months, ICP’s average daily trading volume was just 456,219 shares or 0.01% of the total issued shares.

In a bourse filing, Aw stated that the offer would allow shareholders to realise their investments amidst the challenging macroeconomic environment, exacerbated by intensifying inflationary pressures.

In addition, he noted that shareholders would be able to realise their investments without incurring brokerage and other trading costs.

ICP will hold an extraordinary general meeting (EGM) to seek approval from at least 75% of the company’s shareholders, excluding Aw and parties acting in concert.

Follow the link for more news on

mergers and acquisitions

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia