Stake deal reached

PRECIOUS metals refiner Tem Fat Hing Fung (Holdings) plans to increase its stake in Simsen Metals (Holdings) at a cost of $7.21 million.

Under the terms of the agreement, Tem Fat Hing Fung will buy a further 6.14 per cent of Simsen shares which are owned by a third company - Nonfemet HK.

The firm will sell Tem Fat Hing Fung 12.88 million shares at 56 cents a share.

On completion of the deal, Goldwyn Capital will make a conditional cash offer on behalf of Tem Fat Hing Fung for all of Simsen's shares which Tem Fat Hing Fung did not own.

Tem Fat Hing Fung will increase its interest in Simsen from 30.68 to 36.82 per cent.