B & S International Surges Over 20 Percent After Consortium Led by SBP Group Makes Full Takeover Offer

Stock News11:08

Shares of B & S International Holdings Limited (HKEX: 01705) jumped more than 20% in early trading, according to a report. As of press time, the stock was up 11.11% at HK$1.70, with a turnover of HK$17.78 million.

On the news front, B & S International Holdings Limited announced that the offeror intends to acquire 300 million shares, representing 75% of the total issued shares, for a maximum total cash consideration of HK$289 million. This translates to an offer price of approximately HK$0.9634 per share, which represents a discount of approximately 37.03% compared to the closing price of HK$1.53 on 29 October.

The offeror or parties acting in concert with the offeror will acquire all issued shares in accordance with the rules. The announcement stated that the offeror plans to maintain the listing status of the shares on the Stock Exchange after the offer closes.

The offeror is a consortium formed by Xie Chengren, Executive Director, member of the Executive Director Committee, and Chief Executive Officer of SBP Group (HKEX: 01177), and Time Innovation Global Limited and EJO Investment Pte. Ltd., which are held by Vice Chairman Zheng Xiangling.

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