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'Unusual' trading in Innotek linked to possible takeover offer

Published on Jul 18, 2014 5:00 PM

SINGAPORE - Unusual trading activity in the shares of mainboard-listed precision engineering firm Innotek could be linked to a possible takeover of the company.

Innotek told the Singapore Exchange on Friday that it has received a letter from one of its substantial shareholders, Gazelle Capital, in which Gazelle said it was "in discusssions regarding a transaction which may or may not result in an offer for the shares of the company".

Gazelle added in its letter that the "discussions remain very preliminary".

The exchange had sent a query to Innotek on Thursday asking about what it called "unusual volume movements" in Innotek shares that day.

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