SINGAPORE - A Malaysian businessman has agreed to acquire a majority stake in mainboard-listed China Kunda Technology Holdings.
Mr Ang Kok Teong, who is involved in the property industry in Malaysia and has substantial business experience and contacts in the industry, is buying a 50.6 per cent stake in China Kunda from Mssrs Ching Ka Lun, Liu Zhi Yuan, Li Jie Hua, Good Moral Technology, China Hongda Holdings and Cherry Equity Partners at 7.29 cents a share.
The deal has the blessings of China Kunda executive chairman and chief executive Cai Kaoqun.
Once the pre-conditions of the deal are satisfied, Mr Ang will launch a general offer under the Singapore Takeover Code to acquire all the remaining shares of the mould maker.
The offer represents a 65.7 per cent over the last done price of 4.4 cents on Wednesday.
Mr Ang intends to preserve the listing of China Kunda and will not exercise the right to compulsorily acquire all outstanding shares should he end up with a stake of no less than 90 per cent.