[Last updated: 1 January 2025, unless otherwise noted]

A delisting requires a decision by the target company's board of directors only. The target board can apply for delisting in writing to the stock exchange as soon as the bidder has reached the 90% ownership threshold. The stock market operator has no power to oppose a delisting but the SSC has issued statements providing guidance to companies on what considerations should be taken into account prior to passing a resolution to delist.

When the stock exchange receives an application for delisting, it investigates the trading in the target company's shares and draws up a timetable for the delisting procedure.

You may also refer to Baker McKenzie's Global Guide to Take-Private Transactions, which covers some of the noteworthy features and requirements applicable to take-private transactions.