Alpina to delist on Dec 4 as court sanctions joint offer by top execs, Savills Singapore

[SINGAPORE] Integrated building services provider Alpina will delist from the Catalist board on or around Dec 4 as the court on Wednesday (Nov 19) sanctioned a scheme to privatise the company.

The last day of trading for Alpina’s shares will be on Wednesday, as trading of the counter will be suspended on the Singapore Exchange (SGX) on Thursday at 9 am.

This comes as a proposal by Alpina’s executive chairman and chief executive officer Low Siong Yong and its executive director Tai Yoon On to privatise the group attained majority shareholder approval at a scheme meeting on Nov 10.

Alpina’s business operations include providing integrated building services, mechanical and electrical engineering services as well as alteration and addition works for public and private-sector projects.

According to a Sep 3 bourse filing, the scheme consideration for the proposal comprises a payment of S$0.31 per share in cash and S$0.06 per share in cash by way of a special dividend. The record date for the scheme and special dividend is Nov 27, and the expected payment date for both is Dec 2.

Low and Tai are offering to privatise Alpina via K&T Investment, a special purpose vehicle incorporated in December 2024. Low owns 55 per cent of K&T Investment and Tai owns 45 per cent. They collectively own around 79.9 per cent or 147.3 million of Alpina’s shares.

The offeror intends to privatise Alpina to build a more resilient business for the group with the support of Savills Singapore, noted the Sep 3 announcement.

Low and Tai on May 9 entered into an agreement to sell 70 per cent of K&T Investment’s shares to Savills Singapore for an effective consideration of S$0.31 per share – which is equivalent to the scheme consideration for Alpina.

Hence, the Securities Industry Council regards Low, Tai and Savills Singapore as joint offerors, according to the Singapore Code on Take-overs and Mergers.

Together with Savills Singapore, Low and Tai intend to “use reasonable commercial endeavours” to assist Alpina in disposing of its leasehold property located at 54 Senoko Road “at market value as soon as reasonably practicable”, said the Sep 3 announcement.

It also stated that the acquisition presents an opportunity for shareholders to realise their investment at a premium over historically traded prices without incurring brokerage and other trading costs.

Alpina’s shares being thinly traded was also cited as a reason for the privatisation. Over the last 12 months, the group recorded an average turnover volume of 80,476 shares or 0.04 per cent of its total shares.

The Sep 3 announcement added that K&T Investment does not intend to introduce any major changes to Alpina’s business, redeploy its fixed assets or discontinue the employment of its staff, save in the ordinary course of business or as a result of restructuring.

This comes as SGX recorded delistings through 2025. More recently, Frasers Hospitality Trust delisted from the bourse on Oct 6, while healthcare provider TalkMed delisted on Sep 15.