Shares in Lizhong Wheel Group rose by as much as 94% in early trading, a day after its major shareholder launched a voluntary cash offer for the aluminium alloy wheel maker for 50 cents each.
The offer was made by Berkley International, an investment holding firm owned by Tianjin Dong An Brothers which in turn is owned by Li Zhong Investment - the investment vehicle of the Zang family that owns 64.23% of Lizhong Wheel.
At 9.10am, the counter was up 92% or 23.5 cents at 49 cents. The stock was among the top three gainers on the bourse, with some 906,000 shares changing hands.
Li Zhong Investment and two other shareholders have executed irrevocable undertakings in favour of the offer with the undertaking shareholders, as at the date of the announcement of the offer, representing 66.77% of the total issued shares.
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The offer was made by Berkley International, an investment holding firm owned by Tianjin Dong An Brothers which in turn is owned by Li Zhong Investment - the investment vehicle of the Zang family that owns 64.23% of Lizhong Wheel.
At 9.10am, the counter was up 92% or 23.5 cents at 49 cents. The stock was among the top three gainers on the bourse, with some 906,000 shares changing hands.
Li Zhong Investment and two other shareholders have executed irrevocable undertakings in favour of the offer with the undertaking shareholders, as at the date of the announcement of the offer, representing 66.77% of the total issued shares.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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