SGX RegCo queries DLF on offeror's intent, directors' relationship with offeror

THE Singapore Exchange Regulation on Thursday asked DLF Holdings to disclose its responses to the exchange's queries, among other things, on the rationale and intent of QRC Pte Ltd's offer and the relationships between the offeror, the group and its directors, key management and associates, if there are any.

QRC bought more than 69 million shares from the duo at about S$0.0809 each. Upon triggering a mandatory unconditional cash offer for the company, it proceeded to do so at a consideration of S$0.081 per offer share. SGX RegCo added that since DLF's IPO last year, the regulator had noted developments in the group, particularly to do with changes to the board and key management as well as termination of a"key project", which have led it to issue queries to the company.

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