Hot stock: Sinarmas Land share price leaps to new high

SHARES of Singapore-listed Indonesian property developer Sinarmas Land Ltd shot up by more than 7 per cent or five-and-a-half cents to S$0.84 at 3.02pm, a new record since June 2013.

Some 17 million shares changed hands, making it one of the top 20 stocks traded in terms of volume.

The stock was buoyed by news that the company, backed by billionaire Eka Tjipta Widjaja, has restarted talks on a US$300 million initial public offering (IPO) of an industrial property arm, according to media reports.

Sinarmas Land unit PT Puradelta Lestari, which is part-owned by Japanese trading house Sojitz Corp, may sell shares in Indonesia this year after shelving the offering in 2013, the reports said.

Hoesen, director at Indonesia Stock Exchange, had told reporters that Puradelta would hold a presentation related to the planned IPO next week, but declined to comment on how much it may raise.

Sinarmas Land's managing director, Ishak Chandra, had declined to comment.