Hot stock: Sakae Holdings hits five-year high following news of Douglas Foo’s proposed share sale

SHARES of mainboard-listed Sakae 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.