Taiyo Nippon Sanso who announced on November 9 to implement a takeover bid for Leeden limited, a gas dealer listed on the Singapore stock market, on the premise of delisting has got authorization in principle from Singapore Stock Exchange and is going to start a takeover bid with effect from January 20. The takeover bid will end on February 27 and the bid price is S$0.57 per common share.

The required condition for this trade is that the proposed delisting of company’s shares is accepted by the shareholders at the extraordinary shareholders meeting of Leeden Limited which is scheduled to be held on February 13. If the takeover bid is completed successfully, Leeden Limited will be delisted from the stock market.

The number of shares for the bid is 170,510,346 of common share. They say that Taiyo Nippon Sanso has already got agreement for the takeover bid of 54.6% of the total issued shares owned by Tham Weng Cheong Steven, chairman and CEO and other shareholders of Leeden Limited.

In case that the conditions for subscription have been satisfied, there may be an extension of 14 days at minimum from the date of ending.