KUALA LUMPUR (March 2): Shares of LEAP Market-listed Nova Pharma Solutions Bhd (KL:NPS), which is en route to being privatised by Southern Score Builders Bhd (KL:SSB8), will be suspended from trading on March 9.
This is in accordance with LEAP Market listing rules, according to a bourse filing on Monday, which states that shares in the takeover target must be suspended on the sixth market day after the close of the takeover offer if the offeror does not intend to maintain the target’s listing status.
Southern Score’s 37 sen apiece offer to privatise Nova Pharma ended on Feb 27 with the builder securing a 99.485% stake, of which 26.040% comprised valid acceptances.
It had a 73.445% stake in Nova Pharma on the offer’s posting date.
Subsequently, it will issue a compulsory acquisition notice to acquire the remaining shares in Nova Pharma, as the valid acceptances represented over 90% of the offered shares.
Nova Pharma was listed on the LEAP Market in 2018 at an initial public offering price of 20 sen per share.
Shares in Southern Score ended 1.5 sen or 2.61% lower at 56 sen, valuing the company at RM1.28 billion.