SC Global shares fall after CEO says will not raise offer

SINGAPORE Sun Dec 30, 2012 8:28pm EST

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SINGAPORE Dec 31 (Reuters) - Shares of SC Global Developments Ltd fell as much as 4.7 percent on Monday after its chairman and chief executive officer said he will not raise his offer price to buy the remaining stake in the property developer.

By 0123 GMT, SC Global was down 3.7 percent at S$1.83 with 1.2 million shares traded.

Simon Cheong, SC Global's CEO and largest shareholder, said in a statement the offer price of S$1.80 per share to buy all of the shares he does not own was final.

Earlier this month, SC Global's second-largest shareholder Wheelock Properties (Singapore) Ltd bought shares in SC Global at S$1.81, prompting expectations Cheong may need to sweeten his offer.

SC Global's independent financial advisor has issued the opinion that "the financial terms of the offer are fair and reasonable and are not prejudicial to the interests of minority shareholders".

SC Global's independent directors have also recommended shareholders accept the offer. (Reporting by Charmian Kok)

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