Kingboard makes bid for Elec & Eltek

Hong Kong-listed Kingboard Chemical raises HK$955 million ($125 million) to fund hostile take-over.

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 EE. The 65 million share placement was led by Citigroup its MA advisor and CLSA, with pricing fixed at HK$14.70 per share.

This represented a 3.9% discount to the stock's HK$15.30 close and 10% of the company's enlarged share capital. The group's majority shareholder Hallgain saw its shareholding drop from 35.85% to just over 31%.

Specialists say the order book closed two times covered, with participation by about...

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