Hot stock: Sakae Holdings hits five-year high following news of Douglas Foo’s proposed share sale
SHARES of mainboard-listed Sakae : 5DO 0% jumped as much as 157.6 per cent on Wednesday (Jul 19), hitting a five-year high.
This came after the company said its executive chairman Douglas Foo had entered into a sale and purchase agreement with fund manager Makara Capital to dispose of a 20 per cent stake in Sakae for S$26.5 million. The amount is nearly double the company’s market capitalisation of S$14.1 million as at 4.50 pm on Wednesday.
Sakae’s counter reached a high of S$0.255, up 157.6 per cent or S$0.156, as at 1 pm. The last time the counter closed near this level was in July 2018.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
DBS customers unable to login to Digibank, PayLah! on Thursday
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
Asia markets mixed after Fed leaves rates unchanged; STI rises 0.1%
Singapore Savings Bond 10-year average yield hits year-to-date high of 3.33%
Universal Music Group reaches new licensing agreement with TikTok
Sumitomo to bolster shareholder returns in new mid-term plan