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.
