Midas to buy chairman's company in share deal valued at S$264m

Singapore

MIDAS Holdings has agreed to buy a China-based aluminium products maker by issuing new shares that represent up to 60.2 per cent of its current share capital, the company announced on Monday.

Midas, an aluminium extruder that mainly serves the rail industry, said it will issue up to 733.3 million new shares at 36 Singapore cents apiece, or up to S$264 million in total, to acquire all of Huicheng Capital, a Dalian-based company owned by Midas executive chairman Chen Wei Ping and six other individuals.