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Hot stock: Jaya shares surge on RTO deal

SHARES of mainboard-listed cash company Jaya Holdings got a shot in the arm after it announced a reverse takeover (RTO) deal involving the injection of a Papua New Guinea micro-lender's business worth up to S$232.2 million.

Jaya halted trading on Wednesday morning before the opening bell to make the announcement, and the halt was lifted at 12.30 pm the same day.

When trading resumed, the counter leapt by as much as 53.9 per cent or S$0.245 to touch S$0.70 in the early afternoon.

But it subsequently eased. The stock closed up 14.3 per cent at S$0.52, on some 92,600 shares traded.

Jaya had said on Wednesday morning that it had inked a RTO deal with Heduru Moni, also known as Moni Plus.