Da Sen to Acquire Hong Kong Plywood Trading Firm for HK$9.5 Million

MT Newswires Live01-19

Da Sen (HKG:1580) said it has agreed to acquire all the issued shares of Chance Rich International Trading for about HK$9.5 million, according to a Monday Hong Kong bourse filing.

The deal will be executed through a wholly owned subsidiary and settled by issuing 55.8 million new shares at HK$0.17 each under a specific mandate, the company said.

The issue price reflects discounts of about 43.3% to the last closing price and 26.2% to the five-day average, the filing said.

Chance Rich is engaged in the sourcing and sale of plywood and other building materials, with customers mainly in Japan, Thailand, and Europe.

Da Sen said the acquisition is expected to help the group expand its plywood business overseas and tap Chance Rich's established customer network and management experience.

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