Healthway Medical shares in public hands fall below free float requirement

The company is proposing to be delisted from the Singapore Exchange.

Healthway Medical said the total number of its issued shares in public hands is now below the 10% under the Free Float Requirement.

In a disclosure, the company said that the Catalisy Rules require companies to have at least 10% of the issued Shares held by the public at all times.

If they fall below the requirement, the rules said that the Singapore Exchange may suspend the trading of all shares to allow the company to meet the free float requirement within three months or longer.

Failure to comply may lead to a company’s removal from the stock exchange.

“Shareholders should note that the Offeror has stated in the Exit Offer Letter that the Offeror does not intend to preserve the listing status of the Company,” Healthway Medical said.

“In the event that the trading of the Shares on the SGX-ST is suspended pursuant to, among others, Rule 724 of the Catalist Rules, the Offeror has no intention to undertake or support any action for any such trading suspension by the SGX-ST to be lifted,” it added.

OUE Healthcare proposed that Healthway Medical be delisted from the Singapore Exchange Securities Trading in July.