(Yicai Global) Nov. 24 -- Shares of Broadway Industrial Group jumped after the Singapore-based precision-machined components maker was said to have received a USD50 million offer from China's Anjie Technology for its data storage assets.

Broadway Industrial's stock price [SGX: B69] rose 21 percent to SGD 15 cents (11 US dollar cents) this afternoon, the highest since March 2017.

Anjie's unit Seksun Technology has made a binding all-cash offer to purchase Broadway Industrial's data storage assets located in China's Chongqing, Wuxi, and Thailand, the Suzhou-based buyer said in a statement this morning.

Anjie, which counts Lenovo Group, Huawei Technologies and Microsoft as some of its clients, is clearly smelling opportunities. From January to March, the related assets resulted in a net profit of CNY10.1 million (USD1.5 million) after causing a loss of CNY51.2 million during the 12 months of 2019, according to the same source. On March 31, the assets were worth CNY251 million (USD38.1 million).

Broadway Industrial is one of the world’s leading manufacturers of hard disk drive components and the acquisition could help Anjie integrate its resources for better positioning, the maker of consumer electronics parts added.

Anjie's stock price [SZE:002635] was 0.5 percent down at CNY18.96 (USD2.90) in the afternoon.

Editor: Emmi Laine