Biosensors gets takeover offer from Citic Private Equity

SINGAPORE - Medical devices firm Biosensors said that it has received a takeover offer from Citic Private Equity Funds Management Co.

Biosensors said it is reviewing the offermade on Oct 23 and there is no certainty it will result in a deal, the company said in a filing with the Singapore Exchange on Wednesday (Oct 28).

Citic Private Equity is an arm of China's state-backed Citic conglomerate.

Biosensors called for a trading halt on its shares on Monday.

In July, shares of Biosensors were hit after the company's substantial shareholder CB Medical Holdings, which is owned by Citic Private Equity, sold off nearly 40 million shares, bringing its stake to about 19 per cent.

In February, Bloomberg had reported that Citic Private Equity was considering buying out the medical devices maker.

The China-based fund had acquired the stake in Biosensors last year from Shandong Weigao Group Medical Polymer.

Biosensors was trading at 69 cents when the trading halt was called. The firm's share price is up about 16 per cent since the start of the year.