SINGAPORE (May 29): Changtian Plastic & Chemical has received a takeover offer from its two founders and major shareholders at $1.30 each in cash.

The offer is worth $17.2 million and was made through United Tech Industries, a holding company set up for the purpose of the offer.

In an announcement to the Singapore Exchange, on behalf of the offeror, RHT Capital said that United Tech Industries does not intend to revise the offer price but reserves the right to do so in a “competitive situation”.

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