China Strategic lifts stake in Star Telecom
China Strategic Holdings says chairman Oei Hong-leong has exercised an option to buy a 22.94 per cent stake of Star Telecom International Holdings at $2 a share.
China Strategic's stake in Star Telecom will be increased to 37.14 per cent of the enlarged capital compared to 14.2 per cent previously, making it Star's largest shareholder.
The exercise price represents a 9 per cent discount to Star's close of $2.20 yesterday.
The shareholdings of China Strategic exceeds the 35 per cent trigger point for a general offer, but the company refused to comment on whether it would apply for a waiver from the stock exchange.
China Strategic also owns 37 per cent of telecom equipment trader Tricom Holdings, and the company is aggressively exploring China's telecommunication market.