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Major shareholder plans to take Xinren Aluminum private in S$780m offer
ALUMINIUM manufacturer Xinren Aluminum Holdings on Thursday said it has received a S$780 million takeover offer from its major shareholder.
The buyer, Merit Stand Inc, will offer to take over the company at S$0.60 per share, which is 25 per cent more than Xinren's last traded price of S$0.48. Merit intends to delist the company. Merit is owned by Zeng Chaoyi, who is also sole shareholder of Sunshine International Global Capital. Sunshine owns 33 per cent of the Xinren Aluminum. All in, the Zeng family controls 75 per cent of the company.