Hot stock: OKH Global surges 38.9% after proposed acquisition of Chip Eng Seng Construction
The company says the deal could help to revitalise the business and provide a strong financial footing for it to pursue future growth opportunities
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SHARES of OKH Global surged on Thursday (Dec 5) after the group announced that it plans to acquire Chip Eng Seng Construction for about S$118.5 million.
The counter rose 38.9 per cent or S$0.007 to S$0.025 when the market opened. Some 7.8 million shares were transacted at that time.
The share price later eased to S$0.021, still up 16.7 per cent or S$0.003 before the midday trading break. By 2.41 pm, shares of OKH Global were trading 22.2 per cent or S$0.004 higher at S$0.022, with 38.1 million securities changing hands. It ended the day at S$0.026, up 44.4 per cent or S$0.008.
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