SINGAPORE (Dec 4): OCBC is maintaining its “hold” call for Midas Holdings with 33 cents fair value as it seeks to diversify into related businesses.

Midas announced the proposed acquisition of the entire issued share capital of Huicheng Capital (HC) from seven individuals for up to $264 million.

The acquisition will be entirely financed by issuing new shares, with no cash involved. The issue price of 36 cents represents an 18.03% premium to Nov 27 close and a 10% premium to Midas’ one-year volume weighted average price of about 33 cents.

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