Raffles United to make offer for Kian Ho

RAFFLES United yesterday bought 73.2 million shares in mainboard-listed Kian Ho Bearings, representing a 31.27 per cent stake in the bearings distributor, from crane supplier Tat Hong Holdings in a married deal.

This boosted the stake of Raffles United and its concert parties to 52.65 per cent in the target company, triggering a mandatory unconditional cash offer which Raffles United will have to make for all the Kian Ho shares it does not already own.

The offer will be at 23.5 cents apiece - the same price at which it bought the 73.2 million Kian Ho shares earlier in the day, paid for using internal resources.