SINGAPORE (May 29): Changtian Plastic & Chemical has received a takeover offer from its two founders and major shareholders at $1.30 each in cash.

The offer is worth $17.2 million and was made through United Tech Industries, a holding company set up for the purpose of the offer.

In an announcement to the Singapore Exchange, on behalf of the offeror, RHT Capital said that United Tech Industries does not intend to revise the offer price but reserves the right to do so in a “competitive situation”.

The offer will be unconditional in all respects, it said.

The shareholders of United Tech Industries are Chen Yongfu and Yang Qingjin. Yang is chairman of Changtian Plastic while Chen, his brother-in-law, is deputy chairman.

While United Tech Industries does not hold any shares in the plastic manufacturer, parties acting in concert with it own a total 79.93% stake and have provided irrevocable undertakings to support the takeover bid, said the offer announcement.

The counter last traded at 89.5 cents before being halted for the announcement.