Economy

Kresta curtain and blinds manufacturer in takeover bid; Rich Lister invests in social commerce startup Alphatise: Midday Roundup

Administrator /

Curtain and blinds manufacturer Kresta has received a $34.5 million takeover offer from a Chinese company. 

A subsidiary of Ningbo Xianfeng New Material Co, whose major shareholder is Kresta’s new boss Lu Xianfeng, is offering 23 cents a share for the Perth-based firm.

But Kresta has advised shareholders to take no action in response to the offer while KPMG’s report assessing the bid is prepared.

“Kresta’s target’s statement and KPMG’s independent expert’s report will be sent to Kresta shareholders within 14 days,” Kresta said in a statement to the ASX on Monday.

Rich Lister invests in social commerce startup Alphatise

Western Australia-based technology entrepreneur Zhenya Tsvetnenko has been revealed as one of the investors in social commerce startup Alphatise.

Tsvetnenko, who debuted on the BRW Rich List with wealth of $107 million in 2009, has made his fortune as a software engineer. He listed bitcoin company Digital CC Limited on the ASX earlier this year and recently announced plans to float his online marketing business Mpire Media Group.

Alphatise, which will formally launch in coming weeks, promises to “create a significant shift in how buyers and sellers currently interact”.

“This is a very exciting investment for me,” said Tsvetnenko in a statement. “I can see what the Alphatise team is trying to achieve and it has amazing potential to change how e-commerce is conducted online.”

Shares down on open

Aussie shares have opened slightly lower this morning, but ASX futures are up six points as gold and silver remain under pressure.

“Aluminium was the biggest winner, up 1%, but gold and silver continued to fall,” says Rivkin chief executive Scott Schuberg.

“This time there was news out from the US Federal Reserve, with Fed Chair Janet Yellen maintaining her position, in front of the Senate Committee, that low rates for a long time may well be required in order to combat ‘significant slack’ in US labour markets,” says Schuberg.

The S&P/ASX200 benchmark was down 2.6 points to 5509.3 points at 12.21pm AEST. Last night, the Dow Jones closed up 0.03% or 5.26 points to 17060.7 points.

Advertisement

FROM AROUND THE WEB