Sino Construction to bid to take over Australia's GUF

MAINBOARD-LISTED Sino Construction Ltd intends to make an off-market takeover bid to acquire Australian-listed Guildford Coal (GUF).

The takeover bid will be made at a bid price of A$0.0613 (S$0.0689) per GUF share. The consideration will be satisfied via an allotment and issue of one new ordinary share in Sino Construction for every 4.5 GUF shares.

Based on the issued and paid-up share capital of GUF, up to 229,639,650 new shares may be issued as the consideration for the takeover bid, said Sino Construction on Thursday.