Pete Wong, Tsit Wing International Holdings’s chairman and CEO, is making a $65.5 million mandatory conditional cash offer for the F&B firm service supplier based in Hong Kong.
Wong is offering a final price 30.8 cents for the remaining shares he does not own. His offer price is at a 36.7% premium over the last traded price of shares on June 10, of 22.5 cents.
The offer came after Wong acquired 20 million Tsit Wing shares on June 11 at 30.8 cents each through his investment vehicle Hero Valour, bringing his total stake in the company to 49.52%.
He says privatising Tsit Wing will allow management to have greater flexibility and plan its business for the long-term, as well as save on listing-related expenses.
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