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Hot stock: Beng Kuang Marine surges to a high on news of partial shipyard sale

Michelle Zhu

Michelle Zhu

Published Thu, Apr 13, 2023 · 11:11 AM
    • The share-price movement comes after Beng Kuang said it agreed to sell 90,000 sq m, or a third of its Batam waterfront shipyard property, for S$8.6 million.
    • The share-price movement comes after Beng Kuang said it agreed to sell 90,000 sq m, or a third of its Batam waterfront shipyard property, for S$8.6 million. PHOTO: BT FILE

    SHARES of Beng Kuang Marine surged on Thursday (Apr 13) after the mainboard-listed maritime company announced on Wednesday that it was selling a part of its Batam shipyard property above book value.

    At 3.59 pm, the counter was up 75 per cent or S$0.03 to S$0.07, with 23.1 million shares changing hands. The last time it traded at such levels was in October 2022. It later eased to close at S$0.064, up 60 per cent or S$0.024.

    Beng Kuang last closed 5.3 per cent or S$0.002 higher at S$0.04 on Tuesday before it issued a trading halt the following morning, pending the release of its announcement.

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