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Shareholders have overwhelmingly voted to take Singapore’s gaming tech giant Razer private. In a meeting with shareholders on Tuesday (Apr 26), almost all voted to privatize Razer.
“I am pleased that the privatization of Razer has been approved by the company’s shareholders with 94.74 per cent of the votes cast by Disinterested Shareholders at the court meeting being in favor of the scheme, ”Razer founder and CEO Tan Min Liang announced on his LinkedIn post.
The founder also thanked Razer’s shareholders for their support of the gaming company as it expanded its unique gamer-centric ecosystem and market presence in recent years.
“We look forward to developing our ecosystem of hardware, software and services in our next phase as a private company,” Min Liang said.
In the announcement on privatization, it showed that shareholders had to vote no less than 75 percent to approve the privatization scheme. The total number of shares in issue was about 8.8 billion.
The privatization deal is expected to be completed by the end of May and Razer will cease to be listed on the Hong Kong Stock Exchange (HKSE).
The company is likely to announce the delisting of shares on May 10, according to its projected timeline.
Both Min Liang and non-executive director Lim Kaling own nearly 57 percent of the gaming company.
Shareholders will be offered HK $ 2.82 (US $ 0.36) per share which will value the firm at around US $ 3.17 billion.
Razer reported a 33.3 percent year-on-year revenue growth for last year, at US $ 1.6 billion. The tech giant however, did warn of “uncertainties and challenges” that may adversely affect its business in the future, pointing to geopolitical tensions and the pandemic.
Razer was founded in 2005, and is a top gaming company that sells hardware, software, and services. It filed for an initial public offering on the HKSE in 2017.
Razer’s share price closed at HK $ 2.72 on Tuesday, and has been trading around HK $ 1.50 to HK $ 3.10 per share for this year.
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Featured Image Credit: Razer
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