Hai Leck Holdings' (SGX:BLH) founder, Cheng Buck Poh, through Cheng Investment Management, has made an offer to fully acquire the company's issued ordinary shares, via a scheme of arrangement.
Under the scheme consideration, Cheng has proposed to acquire the company's shares at SG$0.55 in cash per eligible share, according to a Monday filing with the Singapore Exchange.
Following the offer, Cheng intends to take the company private in order to "dedicate focus and resources" required to optimize its operations.
Shares of the engineering services company surged nearly 32% in recent trading.
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