STock News: Substantial shareholder buy over NatSteel Ltd!

NatSteel Ltd may gain when it resumes trading after Indonesian businessman Oei Hong Leong offered to buy the rest of the company for 1.30 sgd per share, dealers said. Oei made the offer after the combined shareholdings of Oei Hong Leong Foundation and sister company Sanion Enterprises Ltd in Natsteel reached 30. 02 pct. Under Singapore rules, investors accumulating more than 30 pct of listed companies are required to make a mandatory takeover offer. Plans by NatSteel unit Kilby Associates to sell some of its shares in Banyan Tree may also boost sentiment on NatSteel shares, dealers said. Banyan Tree, a manager and developer of resorts, hotels and spas, is selling 380.12 mln new and vendor shares at up to 1.07 sgd each through an initial public offering. The IPO comprises 101.83 mln new shares and 278.29 mln vendor shares. Kilby Associates is planning to sell up to 71.23 mln Banyan Tree shares. It currently holds 81.14 mln shares. Banyan Tree's IPO price will be fixed on June 8 and trading on the Singapore Exchange will begin June 14.