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Kingboard to take Elec & Eltek private for US$63 mln

Sun May 24, 2009 8:49pm EDT

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HONG KONG, May 25 (Reuters) - Laminate maker Kingboard Chemical (0148.HK) said it would offer about US$63.25 million for the remaining shares of printed circuit-board maker Elec & Eltek (EELT.SI), in which it already owns 71.71 percent.

The Hong Kong-listed firm said it would offer US$1.20 per share in cash for all outstanding shares it did not already own in the Singapore-listed unit, or 0.45 new Kingboard shares at an issue price of HK$20.50 each, or a combination of both.

The move is aimed at streamlining the business of both firms to improve efficiency and competitiveness, Kingboard said.

For statement please click here

Shares of Kingboard have risen more than 53 percent so far this year to end at HK$21.3 on Friday. (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Ken Wills)



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