Isetan Singapore to suspend share trading on 29 August

The suspension follows court sanction over the scheme for the company's privatisation.

Isetan Singapore will suspend the trading of its shares starting at 9 a.m. on 29 August.

The suspension follows the court sanction on the Scheme of Arrangement (SOA) proposed by Japan-based Isetan Mitsukoshi to privatise Isetan (Singapore) Limited.

Isetan Mitsukoshi plans to acquire 19,500,000 shares in Isetan Singapore for $140m (JPY15.7b) via 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.

Should all the scheme conditions be satisfied, it will become "effective and binding upon the lodgement of the Scheme Court Order with Accounting and Corporate Regulatory Authority (ACRA)."

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