Update

GEAR is set to delist, and compulsorily acquire remaining shares.

Based on the revised all-cash offer option of 0.973 per share, GEAR was valued at $2.6 billion. The offeror owned, controlled, acquired or have agreed to acquire an aggregate of 93.69% of the total number of issued shares. This paves the way for it to exercise its right of compulsory acquisition of the remaining shares at 0.181 a share in cash.

The current expected time and date for the suspension of the trading of the shares will be 9.00 a.m. on 16 Aug 2023.

The upcoming delisting of GEAR comes 8 years after it was formed through a reverse takeover of United Fiber System and the injection of a 69.9998% stake of PT Golden Energy Mines Tbk.