Unionmet

Unionmet: Last night, Unionmet announced a married share trade involving Chairman Zeng Fuzu selling his direct 10.85% stake, and a further 18.2% stake via his Ultra Plus Ventures vehicle. This brought down his total stake in the company to 4.4% from 33.4% previously. The buyer, Asia Capital Group (ACG), has emerged as a new significant shareholder and the largest shareholder, with a 29% stake in Unionmet. Market watchers may note a potential mis-pricing opportunity in the market, given that ACG bought its stake for an aggregate $24.9m or $0.14 per share, almost double the current share price. Moreover, ACG’s stake is just shy of the 30% level that will trigger a mandatory general offer for the company. Should such a scenario materialize within the next six months, SGX rules mandate that the offer price will have to be tabled at a price not less than the $0.14 per share that ACG recently acquired for.