Hot stock: STATS ChipPAC shares skid over 16%

SHARES of STATS ChipPAC fell sharply by over 16 per cent or 9.5 Singapore cents to 48.5 Singapore cents after trading resumed on Friday following a trading halt since Monday pending an announcement.

The counter was most actively traded in the market with some 37 million shares worth S$18 million done in the early session.

On Thursday, Jiangsu Changjiang Electronics Technology (JCET) proposed a US$780 million bid for the chipmaker. The offer price of 45.2 Singapore cents apiece for STATS ChipPAC shares represented a 20 per cent discount to its last traded price prior to the trading halt of 58 Singapore cents.