Qube (ASX:QUB) said Rubik Australia received approval from the Papua New Guinea Independent Consumer and Competition Commission in relation to the scheme implementation deed under which it has agreed to acquire 100% of the shares in company, according to a Tuesday filing with the Australian bourse.
The company secured a majority of the required third-party consents or waivers under the specified contracts, with the pending regulatory approvals for scheme implementation already in progress, the filing said.
The board unanimously recommended that shareholders vote in favor of the scheme, provided there is no superior proposal and the independent expert continuing to conclude that the scheme is in the best interest of shareholders, per the filing.