HK shareholder makes general offer for Sunrise Shares at S$0.017 apiece

Singapore

ELECTRICAL products trader and distributor Sunrise Shares' largest shareholder will make a S$0.017 per share general offer for the company after raising his stake past 30 per cent.

Hong Kong-based businessman Wong Siu Fai on Thursday acquired a majority stake in Quality Able, which holds a 4.49 per cent stake in Sunrise. That pushed Mr Wong's direct and deemed stake, which was 29.73 before his acquisition, to 34.22 per cent, making it mandatory for him to make a general offer for the rest of the company's shares. The deal values Sunrise at about S$3.03 million.