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Hot stock: Noel Gifts hits over 6-year high with Playfair Road sale

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Michelle Zhu

Michelle Zhu

Published Fri, Nov 24, 2023 · 09:36 AM
    • Noel Gifts says it intends to use the proceeds from the sale of its 10 units at 50 Playfair Road (above) for future opportunistic acquisitions and investments, as well as to fund its general working capital requirements.
    • Noel Gifts says it intends to use the proceeds from the sale of its 10 units at 50 Playfair Road (above) for future opportunistic acquisitions and investments, as well as to fund its general working capital requirements. PHOTO: EDMUND TIE

    SHARES of Noel Gifts International surged to a record high on Friday (Nov 24) after the group reported that it expects to book some S$30.61 million from the S$81.18 million sale of the 10 units it owns at 50 Playfair Road, a freehold industrial property.

    This sum comes after accounting for estimated expenses to date, announced the mainboard-listed group before the market opened.

    As at 9.23 am on Friday, the counter was trading S$0.095 or 47.5 per cent higher at S$0.295 after 149,200 securities changed hands. The last time it reached such levels was in January 2017.

    noel gifts intlSingapore propertyM&A

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