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Singapore : Wing Tai chairman makes offer to up stake to 50.6%
Publish Date : 11-May-2012
Wing Tai Holdings\' chairman and managing director has offered to acquire 15 per cent of shares in the firm he did not already control for S$95 million (US$75.78 million), the Singapore developer said on Thursday.
Cheung Wai Keung plans to buy 68.1 million Wing Tai shares at S$1.39 apiece through a vehicle called Ascend Capital, raising his family\'s stake to about 50.6 per cent from around 41.9 per cent.
Ascend has no intention to privatise or delist Wing Tai.
The offer price represents a 18.3 per cent premium over Wing Tai\'s last traded price, but is about 44.6 per cent below the firm\'s net asset value per share of S$2.51 as at 31 March 2012.
