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SCMP Reporter

AKAI Electric Co of Japan said yesterday it agreed to buy 700 million new shares in Hong Kong-listed Kong Wah Holdings for $560 million.

  The shares represent about 51 per cent of Kong Wah's existing share capital.

  Once that transaction is complete, Somerley Ltd will make a voluntary offer for all issued shares of Kong Wah at $1.20 per share on behalf of a wholly owned subsidiary of Akai.

  Somerley will also make an offer of $12.58 million for every $10.8 million under a convertible note.

  Hong Kong-listed Semi-Tech (Global) Co has a 55 per cent stake in Akai, which is listed in Tokyo.



Akai buys into firm