24 Oct 2016

Voluntary Delisting from Official List of the Singapore Exchange Securities Trading Limited pursuant to a Conditional Cash Exit Offer by way of Selective Share Buyback

Danny Lim, Penelope Loh and Caitlin Huang from the Capital Markets / Mergers & Acquisitions Practice Group are advising China New Town Development Company Limited, which is dual primary listed on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") and the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK"), on its voluntary delisting from the Official List of the SGX-ST, whilst maintaining its listing on SEHK, pursuant to a conditional cash exit offer by way of selective share buyback. Based on the tender price of S$0.07 per share, the group is valued at approximately S$689.22 million. The group is an established integrated urbanisation developer and operator in the PRC.