BRC Asia gets takeover offer of 92.5 cents a share

SINGAPORE - Singapore-listed steel player BRC Asia has received a conditional cash offer from Esteel Enterprise at an offer price of 92.5 Singapore cents a share.

Esteel Enterprise is a vehicle that is 80 per cent owned by one You Zhenhua and 20 per cent owned by one Liu Bin.

Esteel is making the offer after having acquired some 81.6 million shares from Lingco Marine, Lingco Holdings, Mr Seah Kiin Peng, Sin Teck Guan (Pte) Ltd and Mr Lim Siak Meng at 92.5 Singapore cents per share on Friday (Sept 8).

This gives Esteel a 43.77 per cent stake in BRC Asia, and triggers a mandatory offer under the Takeover Code.

BRC Asia was the most active counter on Friday.

The shares jumped four cents or 4.88 per cent on volume of 84.6 million on Friday to close at 86 Singapore cents before the announcement was made.