SINGAPORE Dec 31 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
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
SC Global's independent directors have also recommended
shareholders accept the offer.
(Reporting by Charmian Kok)