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Hot stock: GSH Corp shares most heavily traded on SGX; down 3% after off-market transaction

SHARES in the usually thinly traded GSH Corp were the most heavily traded stock in Friday's session with turnover of 104.5 million shares. As at 3.35pm, the counter was down one Singapore cent or 3 per cent at 32 Singapore cents.

This comes after an off-market transaction on Thursday that saw Sam Goi, the executive chairman of the South-east Asia-focused property developer purchase about 22.5 million shares at 31 Singapore cents apiece.

This increased his stake in the company from 50.01 per cent to 51.16 per cent. 

In November 2018, the mainboard-listed GSH Corp posted a net profit increase of 2 per cent to S$2.1 million for the third quarter ended Sept 30. For the quarter, revenue rose 33.7 per cent to S$28 million from the preceding year.

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Its property business registered revenue of S$5.5 million, from the progressive sales recognised from the group’s Eaton Residences project in Kuala Lumpur, Malaysia.

Meanwhile, its hospitality segment posted an 8 per cent growth in revenue to S$22.5 million for the third-quarter 2018 from S$20.8 million for the third-quarter 2017 due mainly to improvement in the banqueting business at its two hotels in the Sutera Harbour Resort in Kota Kinabalu, Sabah.