Published February 14, 2013
Joseph Gutnick intends to continue buying firm's shares
By maria mala yogalingam
MERLIN Diamonds chairman and CEO Joseph Gutnick is looking to buy more shares in Innopac Holdings, even after recently boosting his stake.
He had increased his stake in the Singapore Exchange (SGX) mainboard-listed investment holding and management company to 10.31 per cent from 6.87 per cent on Feb 6. Following his initial purchase of 200 million shares at a price of $0.20 each on Feb 5, Mr Gutnick acquired another 100 million shares at $0.20 each in Innopac the next day.
This came after Innopac announced on Jan 31 that it was making a takeover bid for Merlin Diamonds, a diamond mining and exploration company listed on the Australian Securities Exchange (ASX).
"I've been looking for shares and it became available. I like the company and it may take over the company that I'm involved in. So I thought it'd be appropriate that I buy shares in Innopac," Mr Gutnick said in an interview with The Business Times. "If the right amount of shares become available at the right time, yes, I intend to continue to buy shares in Innopac. It just depends on various circumstances and I'll just decide at the moment," added the Melbourne-based mining investor.
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