Courts Asia to be delisted after losing free float

PC Lee

SINGAPORE (Mar 14): Courts Asia, the regional retailer of furniture and household and IT appliances, is set to be delisted after losing its free float.

As at 5pm on Wednesday, offeror Nojima Asia Pacific now owns or have agreed to acquire 90% of Courts Asia.

SGX listing rules require listed members to ensure at least 10% of all shares, excluding treasury shares, to be held by the public.

In January, Nojima tabled a 20.5 cents cash offer for each Courts share. Th offer remains open until 5.30pm tomorrow.

See: Courts Asia gets 20.5 cents per share offer from Tokyo-listed Nojima

In a regulatory filing by Courts on Wednesday, Nojima says it “does not intend to support any action or take any steps” to maintain the listing status of Courts Asia and intends to delist it after the offer closes.

Nojima is the offer vehicle of sole shareholder Nojima Corp, a Tokyo-listed electrical appliance retail chain mainly dealing with the sale of consumer digital appliances, in Japan. It also has presence in Cambodia, where it specialises in digital appliances.

In February, Nojima said it did not intend to revise its offer price despite independent financial adviser KPMG Corporate Finance calling it "not fair but reasonable".

As at 11.15am, shares in Courts Asia are trading flat at 20 cents.