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

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Mia Pei

Mia Pei

Published Wed, Jul 19, 2023 · 11:41 AM
    • Sakae’s counter reached a high of S$0.192, up 93.9 per cent or S$0.093, as at 10.53 am.
    • Sakae’s counter reached a high of S$0.192, up 93.9 per cent or S$0.093, as at 10.53 am. PHOTO: BT FILE

    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.

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