KUALA LUMPUR (Feb 2): Denko Industrial Corp Bhd has received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd at 55 sen per share.

The ultimate offeror is Singaporean Foo Chee Juan, who has a 100% stake in Oregon Tech, according to a filing on Bursa Malaysia today.

Foo is currently the CEO of ATA Industrial (M) Sdn Bhd, a contract manufacturer which he established in 1993.

Meanwhile, the person acting in concert with the offeror is his daughter Grace Foo Hui Ting.

Denko shares were suspended from trading between 10.33am and 11.33am today. The counter was up by 4.4% or 2 sen at 48 sen per share before the trading halt.

Its shares spiked a further 13.19% or 6 sen to 51.5 sen when it resumed trading, with some 1.75 million shares crossing within minutes.

This marks a five-year high in the group's share price, which has climbed some 19.5 sen or 60.9% from a one-year low of 32 sen last September.

"The consideration for the offer will be satisfied wholly in cash," said Public Investment Bank Bhd on behalf of the offeror in a letter to Denko's board of directors today.

As at this date of the notice, the offeror does not own any shares in the Denko and intends to maintain the group's listing status.

Denko manufactures plastic injection moulding, high precision plastic parts, packing materials and vacuum foams. The group is also a wholesaler of foodstuff.