The stock rose HK$0.23, closing at HK$1.38 when trading resumed from suspension on March 15. It was the highest close since March 29, 2004, and 98.4 million shares changed hands.

The company said the offer has been raised to HK$1.45 per Asia Aluminum share from HK$1.30.

That increases the cash required to privatize the company to as much as HK$3.11 billion from the previous HK$2.75 billion.

Chairman and controlling shareholder Kwong Wui-chun is offering a 99 percent premium to the 30-day average price of Asia Aluminum shares, the company said.

More than 51 percent of shareholders have agreed to the bid and the offer will not be increased further, it added.

The aluminum and stainless steel producer earlier this month said that Kwong planned to take the company private because its ability to raise funds from the market was limited due to its small market capitalization.

Asia Aluminum said Monday its net profit fell 17 percent to HK$126 million for the six months ended December 31 from the same period a year ago, mainly due to higher administrative expenses and increased interest costs arising from the sale of US$450 million (HK$3.51 billion) notes. Turnover rose 13 percent to HK$1.98 billion.

"We started the fiscal year 2005-06 facing a challenging operating environment with higher interest rates and volatile metal prices," deputy chairman and chief executive Benby Chan said.

The company's overall gross profit margin declined to 22 percent during the half-year period from 26 percent a year ago because of rising manufacturing overheads, Chan said.

Asia Aluminum said its cash, bank balances and other deposits amounted to HK$4.1 billion at the end of last year, and total borrowings was HK$4.5 billion.