Hot stock: SingHaiyi hits 3.5-year high after Tangs' privatisation offer
SHARES of mainboard-listed SingHaiyi 5H0 hit a 3.5-year high after resuming trading on Wednesday (Nov 10) morning, following news of a privatisation offer from an investment holding company owned by Gordon Tang and his wife Celine Tang.
The property developer's shares were trading at a high of S$0.118 as at 10.15 am on Wednesday, up 9.3 per cent or S$0.01. The last time the counter closed near this level was Feb 5, 2018.
SingHaiyi's shares also saw heavy trading on the Singapore bourse, with 34.9 million shares changing hands.
The property developer announced on Tuesday (Nov 9) that it received a voluntary conditional offer from the Tangs, who together with their concert parties hold about 78.37 per cent of SingHaiyi.
They are offering S$0.117 per offer share in cash, with a view to delist. This represents a 21.8 per cent discount to the company's net asset value per share of S$0.1496 as at end-September 2021.
In a separate filing on the same day, SingHaiyi reported earnings of S$12.5 million for H1 FY2022, reversing from a loss of S$4.6 million in the corresponding period a year ago as revenue surged for the half-year ended Sep 30, 2021.
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