Wang Yu Huei, also known as Alan Wang, has emerged as a substantial shareholder of Low Keng Huat (Singapore), which is in the midst of a privatisation offer.
Wang, who makes his investments via an entity called Asdew Acquisitions, on Jan 14 paid $33,636,195 for 43,542,000 shares, which works out to 77.25 cents each.
The former director of Kim Eng Holdings is an active investor of local stocks. He now controls a total of 53,893,500 Low Keng Huat shares, or 7.29%, up from 1.4% previously, reads a Jan 15 filing.
Just on Jan 14, an entity controlled by Marco Low Peng Kiat, the company's managing director, revised its offer to a "final" price of 78 cents, up from the original 72 cents per share offer tabled last November.
Low and his concerted parties control a total of 81.53%, including shares tendered by minority shareholders.
At 78 cents, it is a cent below the company's NAV of 79 cents as at July 31, or $580.93 million, but still below the RNAV of $1.26 per share estimated by IFA for the offer Zico Capital.
