Sakae Holdings’ chairman to sell stake; stock up more than 120% at market close
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Sakae Holdings’ counter rose from 10 cents to 24 cents midday on Wednesday.
PHOTO: ST FILE
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SINGAPORE – Sakae Holdings’ founder and executive chairman Douglas Foo is looking to sell a 20 per cent stake in the restaurant operator for $26.5 million, the company said on Wednesday.
The shares of mainboard-listed Sakae, best known for its restaurant chain Sakae Sushi, spiked more than 130 per cent at one point on Wednesday. The counter closed 122 per cent up, at 22 cents.
On Tuesday, Mr Foo entered into a sale and purchase agreement with Makara Capital to sell 27.8 million shares in the company.
Makara Capital is a private equity firm that backed Singapore telecommunications company MyRepublic with a $70 million investment in 2017.
If the proposed sale is completed, Mr Foo will remain as executive chairman and controlling shareholder with 64.1 million shares, or about 46.15 per cent of the company’s total number of issued shares.
Sakae noted that the deal’s completion is subject to the meeting of certain conditions.
Sakae Holdings’ counter rose from 10 cents to 24 cents at midday on Wednesday, a jump of more than 130 per cent.
Mr Foo in 1996 founded Apex-Pal International, which was renamed Sakae Holdings in 2010. The company listed on the Singapore Exchange in 2003.
Sakae Sushi opened its inaugural store at OUB Centre in 1997.
Other brands owned by Sakae Holdings include halal kaiten sushi restaurant Hei Sushi and Sakae Teppanyaki.
