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THE major shareholder of Lizhong Wheel Group has launched a voluntary cash offer for the aluminium alloy wheel maker for 50 Singapore cents apiece.
The offer was made by Berkley International, an investment holding firm owned by Tianjin Dong An Brothers which in turn is owned by Li Zhong Investment - the investment vehicle of the Zang family that owns 64.23 per cent of Lizhong Wheel.
Li Zhong Investment and the firm's two other shareholders have executed irrevocable undertakings in favour of the offer, with the undertaking shareholders as at the date of the announcement of the offer representing 66.77 per cent of the firm's total issued shares.
"The offer provides shareholders who find it difficult to exit the company as a result of the low trading volume in shares with an opportunity to liquidate and realise their investment," said DBS Bank in the offer announcement on behalf of Berkley.