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Hot stock: Tat Hong leaps to 11-month high after flagging potential takeover offer
SHARES of crane rental company Tat Hong Holdings shot up to their highest point in at least 11 months on Tuesday after it said in the morning that it was considering a potential takeover offer.
"The company has been approached in connection with a potential transaction which may or may not lead to an acquisition of the issued share capital of the company," the group said in a Singapore Exchange filing before the market's opening bell.
It threw in the usual disclaimers, saying that "discussions are preliminary and there is no certainty or assurance whatsoever that these discussions will result in any transaction", but said it has appointed Rippledot Capital Advisers as its financial adviser in connection with the approach.
From Monday's close of S$0.49, the stock surged by as much as 36.7 per cent to S$0.67 in the early afternoon.
It was trading 27.6 per cent up at S$0.625 just after 4.30pm on Tuesday, a level last seen in April last year. The counter eventually closed 29.6 per cent higher at S$0.635.
Trading volume also rocketed on Tuesday with around 12.6 million shares having changed hands by the end of the trading day, several times the roughly 945,000 shares traded on Monday.