Fashion group Portico International Holdings has taken steps to delist.

Its proposed privatisation is via Bluestone Global Holdings by way of a scheme of arrangement which values the takeover at about $573 million.

Somerley Capital, as financial adviser to the Bluestone, is satisfied sufficient financial
resources are available to satisfy the amount of cash consideration needed to effect the proposal.

The bidder has long considered there are advantages from a management point of view in
privatising Portico International, such as maintaining competitiveness by devoting resources to marketing and PR events, upgrading the IT capabilities and infrastructure of Portico International as well as ensuring its merchandise is stylish and attractive to a wide range of customers.