Wing Tai shares jump 15 pct on chairman's acquisition plan
SINGAPORE May 10 (Reuters) - Shares of Singapore property developer Wing Tai Holdings Ltd jumped as much as 15 percent to a three-month high, after its chairman offered to buy about 15 percent of shares in the firm he did not already control.
By 0613 GMT, Wing Tai shares were 11 percent higher at S$1.305 with 876,000 shares traded. This was 1.9 times its average daily volume over the last five sessions.
Wing Tai's chairman Cheung Wai Keung plans to buy 68.1 million Wing Tai shares at S$1.39 apiece through a vehicle called Ascend Capital, raising his family's stake to about 50.6 percent from around 41.9 percent.
"The major shareholders are using the currently attractive valuation to try to increase their stake. Even at this offer price, it's still quite a discount to the book value," said Wilson Liew, an analyst at Maybank Kim Eng.
Ascend's offer price was about 44.6 percent below Wing Tai's net asset value per share of S$2.51 on March 31. (Reporting by Charmian Kok and Eveline Danubrata; Editing by Ed Lane)
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