The purchase price works out to 95.3 cents per share, a very significant premium over Sakae Holdings' last traded price of 9.9 cents at close of July 18.
Sakae Holdings’ executive chairman and controlling shareholder, Douglas Foo, plans to sell 27.79 million shares for $26.5 million.
The shares represent some 20.0% of the total number of issued shares in Sakae.
