Old Chang Kee's shares soar as founder may sell shares

HUNGRY investors sent curry puff maker Old Chang Kee's share price soaring to an all-time intra-day high today amid hints of a possible buyout of the firm.

The Catalist-listed counter charged up 25.9 per cent to close at 85 cents with about 2.69 million shares changing hands.

The price hit at an all-time intra-day high of 88.5 cents.

Before trading opened, the company had announced that founder and chairman Han Keen Juan, who controls over 70 per cent of Old Chang Kee, was looking at possible deal for his firm.

"...the controlling shareholder of (Old Chang Kee) has informed the company that he and his associate have expressed an interest to enter into a possible transaction involving the shares of the company, which may or may not lead to an offer made by a third party,'' the statement said.

The board stressed that "no firm intention to make an offer has been expressed".

The company said it will make further announcements if there are any material developments.

Mr Han, 62, could not be reached for further comment.

Based on the latest annual report with the year ending March 31 last year, Mr Han has a 71.6 per cent direct and deemed interest in the business.

Under Mr Han's leadership, the firm has expanded its offerings beyond curry puffs to include fried chicken wings, fishballs, springrolls and other snacks.

It sells these food items through kiosks and retail outlets and also provide catering services.

The Old Chang Kee brand can also be found in countries such as Australia, Indonesia and Malaysia.