ZICO Trust takes full control of Avarga in $30.4M buyout, triggering SGX delisting

What's the deal? ZICO Trust (S) Ltd. has completed the acquisition of an additional 13.40% stake in Singapore-listed Avarga LimitedDealroom has a profile for this one. Try Dealroom → for US$28.5M. The deal lifts ZICO Trust's direct holding to 67.16% and gives it 100% indirect ownership, clearing the way for Avarga to leave the stock exchange.

What are the terms? Shareholders could elect US$1.98 in cash per share, or US$1.47 per share plus one redeemable preference share in ZICO Trust at a one-to-one ratio. Payments are due on or around October 23, 2026.

Why now? The move completes a process launched in March 2026 under an implementation agreement. Avarga's shareholders backed the deal on July 27, 2026; Singapore Exchange Regulation approved it on September 1, and the court sanctioned the scheme a day later.

What's the endgame? Full ownership lets ZICO Trust delist Avarga and manage it outside public markets. Avarga's shares will be removed from the SGXDealroom has a profile for this one. Try Dealroom → on October 27, 2026.

PrimePartners Corporate FinanceDealroom has a profile for this one. Try Dealroom → advised Avarga, while Maybank SecuritiesDealroom has a profile for this one. Try Dealroom → advised ZICO Trust. ZICO Trust said it had "sufficient financial resources available" to fund the transaction.

The signal: The buyout adds to a run of take-private deals thinning Singapore's listed ranks, as controlling holders buy out minorities and move operations off public markets.

Read more: hk.marketscreener.com

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