TAKEOVER targets stirred the market yesterday, with Hoi Sing, in the sights of a consortium connected to Li Ka-shing, closing 8.7 per cent higher.
The construction firm gained four cents to end at 49.5 cents on turnover of $2.8 million.
On Monday it was revealed that Fortune Leader was to take a stake in Hoi Sing, buying Shougang Grand's 36 per cent holding of issued capital plus 44 per cent of outstanding warrants in the company for $40.9 million.
The purchase price of 38 cents per share will be used in a general offer resulting from the change of control.
However, Win Win International, another takeover target, lost four cents, or 3.1 per cent, to $1.23 on heavy volume after trading resumed yesterday.
Trading in the firm's shares was suspended twice this week due to the takeover approach and the revelation that the largest shareholder, director and vice-chairman Lam Kam-chuen concealed his past criminal record.
The firm said the negotiation between its controlling shareholders and a prospective buyer on the sale of more than 50 per cent of its issued share capital was still on, despite the saga concerning Mr Lam.