Meiban CEO offers to buy back all stocks at 40 cents each

George Goh, CEO of Meiban Group, has offered to acquire all the issued and paid-up capital of the company.

Goh plans to acquire the shares of Meiban for 40 cents each through his investment holding company, Zhong Yong Holdings.

The offer price represents a 42.9% premium over the group’s last transacted price.

Upon completion of the acquisition, Meiban will be delisted.

March 14: SGX, Meiban, Creative Tech, Yongnam

Singapore shares are set to rise on Wednesday after both Tokyo and Seoul opened more than % higher following Wall Street’s best rally this year, buoyed by stronger-than-expected retail sales data and the Federal Reserve’s more positive outlook.

The benchmark Straits Times Index rose 0.9% on Tuesday to 2,989.07 points. Here are some stocks and factors to watch, says Reuters:

Singapore Exchange may be in focus after the bourse operator said it will open trading hubs in Chicago and London in a bid to attract more trading from overseas.

Meiban Group requested for a halt in the trading of its shares on Wednesday pending the release of a statement related to its holding announcement dated Jan 18. The plastic parts maker said in January that it had received an approach from a party, which may or may not lead to an offer for the company.

Creative Technology said on Tuesday the company and its subsidiary, QMax Communications, had filed claims for more than $23 million from the vendor of equipment for a wireless broadband project. The vendor counterclaimed for more than $10 million from Creative and QMax.

Singapore construction firm Yongnam said on Tuesday it had secured contracts worth a total of $52.1 million. All three contracts are expected to have positive impact on the company’s financial performance for the year ending Dec 31, 2012.


 

Shares of Meiban Group jump on possible takeover

Shares of Meiban Group jumped 23.2% on Thursday after the company said it may be the subject of a takeover bid by an unnamed party.

At 9:01 a.m., Meiban shares were up 19.6% at $0.335, outperforming the broader Straits Times Index <.FTSTI> which was 0.6% higher.