Second Chance founder and family amass 97.45% of shares

Senior Columnist In a move which brings it within a whisker of full privatisation, the founder of Singapore-listed Second Chance Properties and his family have amassed 97.45 per cent or 904.10 million shares of the company as at Aug 23.

- Ven Sreenivasan

This comes just two weeks after their privatisation vehicle Final Chance Holdings accumulated 91.18 per cent of the company's shares as at Aug 6, a threshold which saw the stock lose its free float status on the Singapore Exchange.

Second Chance founder and chief executive officer Mohamed Salleh Marican, his family and related parties already controlled some 86.2 per cent of the company before the privatisation offer was launched on July 10.

Final Chance Holdings is now working to acquire another 10.9 million of the 23.7 million holdout shares to pass the threshold for full privatisation.