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Hot stock: New Wave soars after Fragrance CEO's proposed offer
SHARES of New Wave Holdings climbed almost 56 per cent shortly after the market opened on Monday, following news of Fragrance Group chief executive's proposed offer for the electronic component supplier.
New Wave opened trading at S$0.013 on Monday, with about 6.6 million shares changing hands as at 9.27am.
On Thursday, New Wave announced in a Singapore Exchange (SGX) filing that Koh Wee Meng is intending to make a voluntary conditional cash offer for the electronic component supplier at S$0.013 per share.
The offer by Mr Koh represents a premium of about 44.4 per cent over the company's closing price of S$0.009 as at Oct 19, 2017.
Mr Koh first emerged as a substantial shareholder of New Wave in 2013, and has built up his shareholding through open-market purchases over the years. He owns about 180 million shares as at Oct 19, representing about 11.26 per cent of the issued shares.
If the offer goes through, he intends to keep New Wave listed on the Catalist board of the SGX.