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Hot stock: Global Dragon shares up over 15% after news of takeover bid

Janice Tan

Published Mon, Feb 13, 2023 · 10:05 AM
    • No married deals have been recorded in early trade.
    • No married deals have been recorded in early trade. PHOTO: BT FILE

    SHARES of Global Dragon rose on Monday (Feb 13) after the Catalist-listed company received on Friday a voluntary conditional cash offer, from Fragrance Group founder Koh Wee Meng, to be taken private at S$0.12 apiece.

    As at 9.07 am, Global Dragon was up 15.2 per cent or S$0.016 to S$0.121. The last time the stock rose to more than S$0.12 was in December 2021. 

    The counter later eased to trade at S$0.12, up 14.3 per cent or S$0.015 as at 9.25 am.

    No married deals were recorded in early trade, according to ShareInvestor data.

    The offeror is JK Global Wealth, of which Koh is its sole shareholder and director. Koh first acquired a 51 per cent stake in Global Dragon, then known as TMC Education, through JK Global Assets in 2017.

    As at Feb 10, 2023, JK Global Wealth and parties acting in concert with it hold an 81.98 per cent stake in Global Dragon, which translates to 559 million shares.

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