Isetan Mitsukoshi secures approval for Isetan (Singapore) acquisition

The scheme is subject to final approval from the High Court of Singapore.

Isetan Mitsukoshi Holdings Ltd. announced today that its subsidiary, Isetan Mitsukoshi Ltd., has received approval for its plan to acquire all remaining shares of Isetan (Singapore) Limited, excluding those already owned by Isetan Mitsukoshi. This approval came during an extraordinary general meeting of Isetan (Singapore) Limited.

The acquisition will proceed through a scheme of arrangement in accordance with Section 210 of the Singapore Companies Act and the Singapore Code on Take-overs and Mergers. 

The scheme is subject to final approval from the High Court of Singapore and must be lodged with the Accounting and Corporate Regulatory Authority of Singapore. The transaction is anticipated to be effective by mid-September 2024, pending the court's schedule.