Shares of Singapore-listed Chinese drugmaker C&O Pharmaceutical Technology (COPT.SI) surged as much as 8.9% on Tuesday after Japan’s Shionogi (4507.T) said its plans to take control of the firm for 14.3 billion yen ($222.8 million).
Around 9:05 a.m., C&O shares were up 6.7% at $0.48 on a volume of 3.9 million shares, 2.7 times the average daily volume in the last 30 days.
Around 9:05 a.m., C&O shares were up 6.7% at $0.48 on a volume of 3.9 million shares, 2.7 times the average daily volume in the last 30 days.
Shionogi had agreed to buy a 24% stake from C&O’s largest shareholder Leo Star Development and will make a general offer at a price of $0.50 per share, a premium of around 11% over C&O’s last traded price on July 28 before the shares were suspended.
Shionogi intends to jointly operate C&O with Sumitomo Corp (8053.T), which holds about 29% of the total issued shares of C&O, the Singapore-listed firm said in a statement.
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