Owners of discounted property groups should emulate Sakae’s Douglas Foo

SAKAE Holdings ’ founder and executive chairman Douglas Foo may have struck a great deal.

Foo recently inked an agreement with Makara Capital to sell 27.8 million shares in Sakae, or about 20 per cent of the food and beverage group, for S$26.5 million. The sale completion is set for Sep 12 and is conditional on various conditions being met.

The sale price works out to around S$0.953 per share or over nine times Sakae’s closing price of S$0.099 on Jul 18, prior to the deal’s announcement early on Jul 19.