Cogent share surge prompts SGX query

Singapore

SHARES of Cogent Holdings surged by as much as 12 per cent on Monday to 70.5 Singapore cents, prompting a query on its trading activity by Singapore Exchange (SGX) at noon.

The mainboard-listed integrated logistics solutions provider opened at 64 Singapore cents, climbed to 70.5 cents just before noon and capped Monday's session at 69 cents - up 5.5 Singapore cents or nearly 9 per cent. At market close, nearly 1.9 million shares had changed hands.

In response to SGX's query, the company said it was not aware of any new information that could explain the unusual price movements and referred to its announcement a year ago that it, from from time to time, received indications of interest relating to the group and its businesses.

In November, the logistics-player-turned landlord reported a 13 per cent jump in net profit to S$7.8 million for the third quarter ended Sept 30, on the back of a 4 per cent rise in revenue to S$34.1 million. This was due mainly to the improved performance of its warehousing operations at the Cogent One-Stop Logistics Hub, automotive logistics management services and container depot management services segments.

In September, Cogent said that its wholly owned subsidiary, Cogent Jurong Island Pte Ltd, received a letter of offer from JTC Corp for Phase One of the construction of the Jurong Island Chemical Logistics Facility.