BRUNTON Holdings, a mainland-controlled firm, has now made a cash offer through China Development Finance to acquire any remaining issued shares and outstanding warrants of Seabase International Holdings.
Brunton had already acquired its target 55 per cent stake in the issued share capital of Seabase from its parent Seapower International Holdings.
However, directors had given an assurance that Brunton would take appropriate steps to ensure that not less than 25 per cent of the issued share capital and/or warrants of Seabase would remain in public hands.
Brunton is a subsidiary of Top Spring Development, which is 70 per cent owned by Top Glory Holding, which in turn is a wholly owned subsidiary of mainland group China National Cereals, Oils and Foodstuff Import and Export Corp.
Sung Foo Kee result plunges SUNG Foo Kee Holdings has suffered a 98.6 per cent plunge in profit to just $1.77 million for the year ended March, compared with $125.57 million in the previous year.
However, an extraordinary gain of $207.7 million from the sale of a seven per cent stake in Citibank Plaza to Great Eagle Holdings last year lifted attributable profit to $209.48 million.
