BWI International (02339) rose more than 10% again, after surging over 49% upon resuming trading yesterday. At the time of writing, the stock was up 10.61% to HK$7.4, with a turnover of HK$34.6739 million.
The catalyst for the move is a recent announcement by BWI International stating that its controlling shareholder, BWI Group, has entered into a sale and purchase agreement with Luxshare Precision Industry Co., Ltd. Under the agreement, Luxshare Precision has conditionally agreed to acquire the entire equity interest in BWI Group. BWI Group, through its wholly-owned subsidiary, holds approximately 59.50% of the total issued shares of BWI International. Upon completion of the transaction, Luxshare Precision would indirectly hold a 59.50% stake in BWI International and become its ultimate controlling shareholder.
It is reported that BWI Group is a global Tier 1 supplier of automotive suspension and braking systems. Building on Delphi's century-long technological heritage, the company has a deep presence across the three major automotive production regions: China, Europe, and the United States.
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