Offer for Li Heng Chemical Fibre at S$1 a share

HIGH-END nylon fibre maker Li Heng Chemical Fibre Technologies is being taken private at S$1 a share by its major shareholders.

The price is around 60 per cent above its six-month and 12-month volume weighted average prices, and more than double its last traded price.

Li Heng last traded at S$0.465 on very low volume.

The company listed on the Singapore Exchange (SGX) in 2008.

Offeror Provenance Capital said that it plans to delist the firm for greater management flexibility and to eliminate the compliance costs of listing.