Hot stock: OUE up 13.3% on share buyback offer

SHARES of OUE rose as much as 13.3 per cent in Tuesday’s (May 21) early trading, following the property developer’s announcement of an off-market equal access offer at S$1.25 apiece after the market closed on Monday.

As at 9.05 am, the counter was up S$0.14 to S$1.19 with 256,000 shares changing hands. The last time it closed near this level was last December. The counter later closed at S$1.15, up 9.5 per cent or S$0.10.

OUE proposed the off-market purchase of up to 84 million shares, or about 10 per cent of its shares in issue as at Apr 26 – the day the group’s share purchase mandate was approved.