Malaysian businessman’s cash offer for Sunrise Shares Holdings lapses
Add BT as a preferred source
Yong Jun Yuan
MALAYSIAN businessman Wira Boo Kuang Loon’s offer for Sunrise Shares Holdings’ shares received 2.22 per cent of valid acceptances as at the close of the offer on Monday (Aug 28), 5.30pm.
Since the offer was conditional on Boo receiving control of more than 50 per cent of Sunrise Shares Holdings, the offer has not become unconditional as to acceptances, the company said in a bourse filing.
Boo launched the mandatory conditional general cash offer for shares of Sunrise Shares Holdings in July at S$0.0218 apiece after he acquired a 33 per cent stake in the electronics products trader and distributor.
When he announced the offer, Boo said that he intended to review the group’s business to identify areas in which its strategic direction and operations could be enhanced.
On Monday, shares of Sunrise Shares Holdings closed at S$0.03, down S$0.003 or 9.1 per cent, before the announcement was made.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
