RIMBACO (01953) experienced a sharp decline of over 15% upon the resumption of trading this morning. At the time of writing, the stock was down 15.38%, trading at HK$0.55 with a turnover of HK$29.5337 million. The movement follows an announcement made on the evening of April 24, stating that the offeror, Aureole Halo Limited, has agreed to purchase 945 million shares from the vendor, representing 75% of the total issued share capital, for a total cash consideration of HK$157.5 million. Upon completion of this transaction, the offeror will hold a 75% stake in the issued share capital, triggering a mandatory unconditional cash offer for all issued shares. The cash offer price is set at HK$0.167 per share, which represents a discount of approximately 74.3% compared to the closing price of HK$0.65 per share on April 10. The offeror intends to maintain the listing status of the shares on the Stock Exchange after the offer closes. The offeror is a direct wholly-owned subsidiary of Cheng Tun (Singapore) Holdings Pte. Ltd., which is itself wholly-owned by Shengtun Group. The vendor, RBC Venture Limited, is beneficially owned by Low Seah Sun (40%), Seah Peet Hwah (30%), Cheang Wye Keong (20%), and Lau Ah Cheng (10%).
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