Sakari informed investors this morning that SGX-ST has also granted the waiver of Rule 1307, and has notified the company that a waiver of Rule 1309 is not necessary.
Sakari Resources had sought this waiver on the basis that PTT International Company Limited and its wholly-owned subsidiary PTT Mining Limited (PTTML), which directly or through related companies own, control or have agreed to acquire over 93% of the issued share capital of Sakari, support the Delisting and have indicated that they do not intend to make additional Sakari shares available in order to restore the free float of Sakari to at least 10% of the total number of issued Sakari shares.
Sakari Resources’ subsidiaries produce around 10 million tons of coal in East Kalimantan province, Indonesia. (Indonesia Today)