Van der Horst to be relisted

Van der Horst to be relisted

SINGAPORE (Dow Jones): Singapore's engineering company Van der Horst, whose shares have been suspended for almost two years, may soon be relisted, the Straits Times reported Saturday.

The company's shareholders passed five resolutions at an extraordinary general meeting Friday, which paved the way for an acquisition by Indonesian-linked L&M Group Investments.

If the acquisition takes place, L&M will end up controlling 90 percent of VDH in a deal worth about S$24 million.

Singapore's Securities Industry Council Wednesday granted L&M a waiver from having to make a mandatory general offer on the remaining 10 percent, said the newspaper report.

One of the resolutions passed during Friday's meeting was a so-called "whitewash waiver," where VDH shareholders gave up their rights to a mandatory takeover offer by L&M.

In addition, the Singapore Exchange has given in-principle approval for the quotation of VDH's shares.

All three approvals mean that L&M can keep VDH's listed status, according to the newspaper.