Kingboard makes bid for Elec & Eltek

Laminates manufacturer Kingboard Chemical completed a top-up placement yesterday (October 13) to fund a HK$1.7 billion ($219 million) bid for one of its major clients, printed circuit board (PCB) manufacturer Elec & Eltek (E&E). The 65 million share placement was led by Citigroup (its M&A advisor) and CLSA, with pricing fixed at HK$14.70 per share.