Hot stock: SP Corp more than doubles to hit 10-year high on privatisation news; Tuan Sing up 5.5%

SHARES of commodities trading group SP Corporation more than doubled to a near 10-year high of S$1.56 on Monday (Aug 22) after news of a privatisation offer from Tuan Sing broke on Saturday.

The jump in share prices comes after the 2 companies put up a joint announcement disclosing Tuan Sing’s proposal to acquire and privatise SP Corporation via a scheme of arrangement. The scheme consideration for each scheme share is S$1.59 in cash, and is equivalent to SP’s book value per share as at June 30, 2022.

The last time SP traded at such levels was in July 2010. It last changed hands at S$0.59 on Aug 16 before trading was halted on Aug 19 pending the announcement. No married trades were recorded on Monday, according to data from ShareInvestor.