Chuan Hup shares soar 12% after firm proposes special dividend

Singapore

CHUAN Hup Holdings shares surged at the start of trading on stronger-than-usual turnover on Thursday.

Dealers attributed this to Chuan Hup's announcement after market close on Wednesday that it plans to pay a special dividend of nine Singapore cents a share following the disposal of a 76.7 per cent stake in mainboard-listed PCI. The stock advanced by four Singapore cents or 11.9 per cent in the first hour of trading to 37.5 cents, where it eventually closed. The 3.3 million shares traded was higher than the counter's average of 348,000 over the last 15 trading days.