Stock News: Sembawang Music Holdings in takeover offer!

Music and visual products retail chain operator Sembawang Music Holdings Ltd was sharply higher after Ruben Capital Ventures Ltd made a takeover offer for the company, dealers said. Sembawang Music soared 0.065 sgd or 43.33 pct to a high of 0.215 on volume of 1.23 mln shares. Prior to the mandatory cash offer, Ruben Capital bought 29.5 mln shares of Sembawang Music, representing 55.01 pct of the company from four shareholders for a total of 6.49 mln sgd or 0.22 sgd per share. In a disclosure to the Singapore Exchange last night, Sembawang Music said that the mandatory cash offer price is also at 0.22 sgd per share, which is a 46.7 pct premium to the stock's closing price of 0.15 sgd on May 10 before the company requested for a trading halt. Ruben Capital Ventures intends to preserve the listing status of Sembawang Music, it said.