Control of Olive Tree Estates has changed hands, after a group of shareholders sold their stake to an entity called Advansory Investment for $9.66 million.
With a stake of 69.49%, the new shareholder is obliged to make a general offer for the remaining shareholders at the same price of 12 cents each.
The sellers are Chiu Teng Enterprises, Kim Kyoo Chul and Tham Keng Chuen, while the buyer Advansory Investment is solely held by one Liu Lianlian, who has no intention to revise the offer price.
Olive Tree Estates was listed back in 2017 as Changjiang Fertilizer Holdings.
According to a filing put out by Evolve Capital, the financial advisor, Liu plans to maintain the listing status of the company.
She will be undertaking a comprehensive review of the company's businesses to "determine the optimal business strategy".
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Olive Tree Estates shares last traded at 11 cents. It has gained 60% year to date.
