KL-listed Yong Tai's ED Boo takes control of Sunrise Shares Holdings

Boo is offering 2.18 cents per share for other Sunrise Shares shareholders

Boo Kuang Loon, an executive director of Bursa-listed Yong Tai Berhad, has paid $1.5 million for 32.97% of Sunrise Shares Holdings 581, paying 2.17 cents per share to Sunrise Wealth Management.

Sunrise Shares, which used to be called ITE Electric, last traded at 3.5 cents.

As Boo now owns more than 30%, the general offer requirement has been triggered. Under this mandatory offer, Boo is offering 2.18 cents per share to the remaining shareholders.

According to RHT Capital, which is arranging this deal, the offer is final and Boo doe not intend to revise his offer.

Boon plans to undertake a review of the business of Sunrise Shares, and see which parts of the existing operations ought to be sold and which others to further invest in.

See Also:

• Click here to stay updated with the Latest Business & Investment News in Singapore

• Shares in Sunrise Shares saw significant rise; prompts SGX query

• QAF, Pacific Radiance, Old Chang Kee, Boustead Projects, Vard, ITE Electric

• John Soh, Quah Su-Ling and Goh Hin Calm set to be charged

• Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World

• Get in-depth insights from our expert contributors, and dive into financial and economic trends

• Follow the market issue situation with our daily updates

• Or want more Lifestyle and Passion stories? Click here