The controlling shareholder of Thai-Asia Fund yesterday proposed a general cash offer to acquire the remaining shares in the company for HK$117 million.
The offer was made after Heung Chit-kau bought 24,000 Thai-Asia shares from the market on Wednesday.
The acquisition brings the holding of Mr Heung and his associates in the fund to 35.04 per cent, a trigger point that requires him to make a bid for the 32.70 million outstanding shares in the company.
Through his wholly owned subsidiary, Acetop Investment, Mr Heung proposed to acquire the outstanding shares at HK$3.575 each, which is equal to Thai-Asia's Wednesday closing price.
The net asset value of the fund amounts to US$0.599 as at February 14. Peregrine Capital has been appointed financial adviser to arrange the offer.
Mr Heung said in view of the good prospects for the Thai securities market, the offer represented an attractive investment opportunity.
