HK Stock Market Move | B & S INTL HLDG (01705) surged over 20% in morning trading as the company received a general offer from a consortium led by SBP GROUP.

B & S INTL HLDG (01705) rose over 20% in morning trading. As of press time, it was up 11.11% at HK$1.7, with a turnover of HK$17.7797 million. On the news front, B & S INTL HLDG announced that the offeror intends to acquire 300 million shares, representing 75% of the total issued shares, for a maximum total cash consideration of HK$289 million, equivalent to an offer price of approximately HK$0.9634 per share, a discount of approximately 37.03% to the closing price of HK$1.53 on October 29. The offeror or parties acting in concert with the offeror will acquire all issued shares in accordance with the rules. The announcement stated that the offeror intends to maintain the listing status of the shares on the Stock Exchange after the offer closes. The offeror is a consortium formed by Time Innovation Global Limited and EJO Investment Pte. Ltd., which are held by Xie Chengrong, executive director, member of the executive director committee and chief executive officer of SBP GROUP (01177), and vice chairman Zheng Xiangling.