The founder of Sim Lian Group Ltd is leading an offer to buy the Singapore-based real estate firm and delist it, in a deal that values the company at S$1.09 billion (£622.24 million).

Sim Lian would become the latest among a growing number of Singapore companies which are going private.

Coronation 3G has secured irrevocable undertakings representing about 80 per cent of the issued shares from Kuik’s Sim Lian Holdings and individuals from the Kuik family, it said in a statement late on Monday.

“The shares have not traded at or above the offer price since its listing in 2000. Coronation 3G believes that the offer presents SLG shareholders with a compelling cash exit opportunity given the illiquidity of its shares,” it said.

Oversea-Chinese Banking Corp Ltd is the financial adviser to Coronation 3G in the offer.