Daka Designs receives pre-conditional partial offer for 60% of BVI-registered company
The company Daka Designs has received a letter of intent from Galleria Resources, on a pre-conditional partial offer for 60% of the company. Galleria Resources is an investment holding company registered in the British Virgin Islands; company’s owner is Rafat Rizvi.
BVI company is offering to pay shareholders HK$0.15 cash for each share. If the partial offer is successful, Galleria Resources will become the largest shareholder of Daka Designs.
Trading of Daka Designs shares has been suspended since January last year, after the auditors discovered accounting and financial irregularities. Galleria said it could help Daka to identify its business through network and contacts, so that the trading suspension could be lifted.
Daka is a shell company following the sale of its business, with a cash pile of under $3 million. Last week at a special general meeting company shareholders voted against the distribution of the cash.