Penguin Intl    Last:1.3   -

Takeover target?

It will issue up to $30m of convertible bonds to DB Zwirn Mauritius Trading Lte, wholly owned by a US-based fund.  The bonds, to be issued in 30 tranches of $1m each, can be converted to ordinary shares in the company.

 

Penguin Boat jumped 20% to a 10-month high of $0.18, after the public ferry company told local media that three or four firms have expressed an interest in buying it.



Dealers said that the report in the Chinese-language local daily Lianhe Zaobao prompted interest from investors who see Penguin Boat as a takeover target.



Penguin, which has a stock market value of US$25 million, reported on Thursday a net profit of $439,000 ($278,400) for the first half of 2006, compared to a loss of $3.7 million ($2.35 million) a year ago.