SINGAPORE (Feb 7): The consortium led by CWG International's co-founder will go ahead to delist the company after garnering a 90.19% stake in the property  group.

Elidom Investment Co., led by Qian Jianrong and comprising Sinway Investment, H&H Wealth and Floriland Co., announced on Tuesday night it now owns or controls some 597 million shares of the 662 million shares on issue. CWG has no treasury shares.

As the public float has fallen to less than 10%, Elidom says it will despatch a letter to acquire CWG shares from remaining shareholders and take steps to delist the company, as required under SGX's listing rules.

Last Dec, Elidom made a voluntary conditional cash offer for all the CWG shares it does not already own at 19.5 cents each.

Elidom's offer for CWG had turned unconditional on Jan 22 after controlling 81.89% of the company including those from shareholders who have accepted the offer.

This story, written by PC Lee for The Edge Singapore, first appeared on Feb 7.