Hot stock: Ezion up 14% on trading resumption

OFFSHORE and marine services company Ezion Holdings' shares have risen by 14.21 per cent in early trade on Tuesday, after a months-long trading suspension and debt revamp.

As at 9.34am, the counter was trading at S$0.23, up S$0.03 and was the highest traded by volume with 101.82 million shares changing hands.

Its shareholders, at its annual general meeting on March 28, voted overwhelmingly in favour of a landmark debt refinancing plan.

The plan, which seeks deleveraging from swopping debt to equity, calls for a significant dilution of existing equity.

On Apr 10, DBS Group Research also upgraded their call on Ezion to "buy" and increased their 12-month target price on the stock to S$0.29 from S$0.13 as the company recovers from the prolonged industry downturn.