CATALIST-LISTED M Development intends to go private by means of a members’ voluntary liquidation, it said in a Singapore Exchange (SGX) filing on Thursday evening.
This follows the Oct 16 notification of delisting which M Development received from SGX. In compliance with Listing Rule 1309, the company must provide a fair and reasonable exit offer to shareholders, with the proposal within a month of such notification.
In its Thursday announcement, M Development said that it had written to the SGX on Wednesday, stating its intention to make the exit offer by way of a members’ voluntary liquidation.
The company has been a cash company since Sept 8, 2017. It is in a net cash position, and has “no other feasible exit strategy immediately a…
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