Hanwell shares surged following news that chairman Goi Seng Hui has increased his stake in the consumer staples company after buying out from former executive director Coco Tang Cheuk Chee in a married deal.
According to an SGX filing earlier today, Goi paid $16,529,730, or 42 cents each, for 39.36 million shares.
Goi now has a total stake of 164.8 million shares, equivalent to 29.78% - just shy of the 30% mark above which Goi will be obliged to make a general offer for the company. He held 22.67% previously.
See also: Sin Huat Company emerges as new substantial shareholder at Hanwell Holdings
Besides selling to Goi, Tang sold 68 million shares equivalent to 12.29%, at also 42 cents each to an entity called Sin Huat Company, linked to the foodstuff maker Prima Group in a married deal.
Goi and Tang were earlier in a boardroom tussle where Goi prevailed. With the sale, Tang has completely sold off all her shares. She used to control the company with her former husband Allan Yap.
Hanwell shares surged as high as 53.5 cents from yesterday’s close of 44 cents.
As at 2.15pm, it traded at 51 cents and is the second most active stock.
