Singapore's WBL halts shares after Straits Trading takes stake
SINGAPORE Nov 27 (Reuters) - Singapore conglomerate WBL Corp Ltd said on Tuesday it has requested a trading halt in its shares pending the release of an announcement, after news of a possible offer for the company.
Straits Trading Co said on Monday it will buy a total of 64 million WBL shares from investment managers Aberdeen Asset and Third Avenue Management LLC in return for new Straits Trading shares, in a deal valued at around S$248 million.
Following the transaction, Straits Trading will become WBL's largest shareholder with a 44.6 percent stake, and will make a general offer for WBL shares it doesn't own by paying WBL holders S$3.41 in cash or 1.07 Straits Trading shares.
WBL, which has businesses in technology, property and automotive, rose 4.3 percent to S$3.64 in early trade before the shares were halted. (Reporting by Charmian Kok)