Hot stock: Tuan Sing jumps 16% after news of printed circuit board maker stake sale

SHARES of mainboard-listed Tuan Sing Holdings jumped as much as 16 per cent following the announcement that its 44.5 per cent-owned associated company Gultech China will divest 13 per cent of its shares in a printed circuit board (PCB) supplier.

The counter hit an intraday high of 43.5 Singapore cents. It was up 9.3 per cent or 3.5 cents at S$0.41 as of 2.28pm on Monday, with 16.3 million securities being traded at that time.

In an exchange filing on Sunday, the real estate company said that the transaction price of 435 million yuan (S$89 million) implies a valuation of about 3.35 billion yuan for the PCB firm, Gultech (Jiangsu) Electronics (GJE).

Tuan Sing added that the divestment is expected to be completed by July 31, 2021 and will enable the company to monetise part of its "long-standing" investment in GJE.