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Hi-P major shareholder mulls deal, raising possibility of deal for rest of manufacturer's shares
A CONTROLLING shareholder of contract manufacturer Hi-P International is considering a deal, which could lead to a play for the rest of the stock, the company announced early Tuesday in response to a trading query from the Singapore Exchange.
"Subsequent to the unusual share trading" on Monday, "the company understands that a controlling shareholder of the company is considering a possible transaction involving the shares of the company which may or may not lead to a transaction for the shares of the company", Hi-P said.
"However, to-date, the company has not been approached by any party regarding any transaction involving the shares of the company."
Hi-P drew a trading query from the market regulator on Monday as its stock shot up on heavy trading. The counter closed at S$1.06 on Monday, up 30.9 per cent or 25 Singapore cents after 19.5 million shares changed hands.
Hi-P chairman and chief executive Yao Hsiao Tung is the company's controlling shareholder, with an 84.2 per cent direct and deemed stake as at June 20, 2018. The company has been carrying out a share buyback programme, however, which may have changed his shareholding percentage since his last disclosure.