Luzhou Bio-Chem founder launches privatisation bid
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THE founder of Mainboard-listed Luzhou Bio-Chem Technology Limited wants to take the company private in a deal that values it at S$17.8 million, so as to gain greater management flexibility and control over the company.
Niu Ji Xing, who is also Luzhou's executive chairman and chief executive, on Tuesday launched a voluntary conditional general offer via investment holding company Starnova, of which he is the sole director. Starnova is offering to acquire all the ordinary shares in Luzhou at S$0.03 apiece. The offer price is final and Starnova does not intend to revise it.
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