Hedge fund urges Metro to pay extra dividend

Singapore

ACTIVIST investor Quarz Capital Management has turned its sights on Singapore, calling on retailer and real estate developer Metro Holdings to return excess cash to investors.

Metro's net cash holdings of S$393 million are high compared with other companies listed on Singapore Exchange, and account for more than half its market capitalisation, Quarz said in a letter to the management and board. Metro shares surged 7.5 Singapore cents to close at 99 Singapore cents on Tuesday.