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Keda Industrial Group to Buy Remaining Stake in Tiles Manufacturer for 7.47 Billion Yuan; Shares Surge 10%

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Keda Industrial Group (SHA:600499) will purchase the remaining 51.55% stake in Twyford International from 24 shareholders led by Sunda Group for up to 7.47 billion yuan, according to a Wednesday filing with the Shanghai Stock Exchange.

The transaction will entail the issuance of more than 512.4 million shares, or 21.09% of the entire share capital of Keda, equivalent to 5.38 billion yuan at 10.50 yuan apiece, and about 2.09 billion yuan in cash.

Upon completion, Twyford, a producer of ceramics, glass, sanitary ware, and other products for use in African countries, will become a wholly-owned subsidiary.

Shares rose 10% during afternoon trading on Wednesday.

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