By Ronnie Harui
Shares of Cofu Group Ltd rose 16% to 0.77 Singapore cents on Thursday, as its founding shareholders resumed business following an offer to privatize the food court operator.
Dominus Capital Pte. Ltd., an investment holding company owned by founding shareholders, plans to make a voluntary conditional cash offering for Kofu Group at S$0.77 per share, according to Kofu’s filing with the Singapore Exchange on Wednesday.
The offer was at a 15.8% premium to Tuesday’s closing price of S$0.665, and based on 552,955,300 issued shares, would value the group at S$425.8 million (US$314.9 million). Shares were last up 14% at S$0.760.
The Mover, Dominus Capital, is a company incorporated on October 7th by KOFU Executive Chairman and Chief Executive Pang Lim and Executive Director Ng Hoon Tien. Both have an interest in 77.41 percent of Kofu’s shares, owned by Jun Yuan Holdings Pte Ltd, which is wholly owned by them. Jun Yuan Holdings has pledged to tender all of its shares to the proposer in acceptance of the offer.
Write Ronnie Harui at [email protected]