A SINGAPORE firm has bought a majority stake in Hong Kong-listed property company Walsin International Holdings for $536.43 million.
Walsin was previously controlled by Taiwan-listed Walsin Lihwa Corp, which is selling its entire stake.
Under the agreement, Angkasa Marketing (Singapore) (AMS) will buy 118.84 million Walsin shares, 56.56 per cent of the entire issued share capital, at $4.514 per share.
The price represents a premium of 11.5 per cent over the closing price of $4.05 per share quoted on February 17, the trading day before the signing of the agreement.
The price is 78.4 per cent above the audited net asset value per share of $2.53 on April 30 last year, and 23 per cent above the unaudited net asset value per share of $3.67 on February 4.
The completion of the share sale agreement is expected to occur on or before April 17, 1994.
Carr Indosuez, on behalf of the offeror, is making a conditional cash offer for all the issued shares other than those already owned and conditionally agreed to be acquired by Angkasa.