SAKAE Holdings : 5DO 0% executive chairman and controlling shareholder Douglas Foo’s proposed sale of a 20 per cent stake in the company for S$26.5 million might have raised some eyebrows.

Sakae’s shares closed at S$0.099 on Jul 18, a day before this proposed deal was announced. This translated to a market capitalisation of only about S$13.7 million.

The premium that Makara Capital is proposing to pay for the nearly 27.8 million shares in the mainboard-listed company is over nine times of that closing price.