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SCMP Reporter

Shares of Winsor Industrial Corp shot up 44.32 per cent yesterday after its controlling shareholder proposed to take the company private for HK$368.9 million.

The  textile manufacturer yesterday rose HK$1.64 to close at HK$5.34. Turnover jumped to 2.4 million shares worth HK$12.64 million from 61,000 shares worth HK$223,250 on August 30, the stock's last trading day before it was suspended.

Winsor's controlling shareholder Super-Rich Finance - majority held by Winsor's chairman Chou Wen-hsien and managing director Chow Chung-kai - offered to  buy out the firm because of  persistent  sluggish trading volume. If the privatisation goes through, it will  end  Winsor's 37-year listing history.

Under the proposal, Super-Rich, which  holds 74.17 per cent or 192.62 million shares of Winsor, is offering HK$5.50 a share  to buy out the  25.83 per cent or 67.07 million shares it does not own.

Super-Rich's offer is at  a 1.29 per cent premium to Winsor's net asset value of HK$5.43 a share  at the end of March.

The offer price also represents a premium of  48.65 per cent over Winsor's close of HK$3.70  last Wednesday,  before the shares were suspended from trading.

'After taking into consideration the costs and management resources associated with the maintenance of Winsor's listing on the stock exchange, the Super-Rich directors and the Winsor directors consider it no longer justifiable to maintain Winsor's listing status,' the company said in a statement yesterday.

Average daily trading volume of Winsor's shares was  17,254 shares, or 0.03 per cent of shares held in public hands, over  the  12 months  to August 30.

Under listing rules, the privatisation is subject to the approval of at least 75 per cent of Winsor's independent shareholders. It will be blocked if more than 10 per cent of shareholders vote against it.

Listed in October 1969, Winsor's textile and clothing operations comprise  woven garment manufacturing, wool spinning and knitting as well as textile trading.

Winsor's  net profit fell 55.12 per cent  to HK$59.89 million, or 23 HK cents per share, in the year ended March.

CIMB-GK Securities (HK) is the company's financial adviser for the privatisation, while Quam Capital is the shareholders' independent financial adviser.



Super-Rich proposes HK$369m  Winsor bid