20th Jun 2018 09:37
LONDON (Alliance News) - Energy services firm Chagala Group Ltd on Wednesday said it has received an offer from a shareholder to take total control of the company.
Asian Investment Management Services Ltd, which already has an 11% stake in Chagala, has made a USD1.55 per share offer for the rest of the company's stock.
Chagala shares are currently suspended from trading after it missed the April-end deadline to publish its 2017 results but were last quoted at USD1.25, meaning the offer is an approximate 24% premium.
The offer will remain open for 21 days from when the company notifies shareholders of the offer, and Chagala's directors have made no recommendation on whether to accept it or not.