Hot stock: Yangzijiang Shipbuilding surges to over 12-year high on heavy volumes

SHARES of Yangzijiang Shipbuilding surged to a record high amid brisk trading on Monday (Aug 28) morning.

As at 10.59 am, the mainboard-listed vessel producer gained S$0.07 or 4.1 per cent to trade at S$1.79. This represented its highest level in over 12 years since the counter began trending under the S$1.80 benchmark in early May 2011.

Yangzijiang’s share price movement comes after 25.8 million securities worth S$45.4 million were transacted.

The counter later eased slightly to S$1.77, up S$0.05 or 2.9 per cent as at 11.15 am.

No married deals were recorded in early trade, ShareInvestor data indicated.

The group’s last public announcement on Aug 7 responded to queries from the Singapore Exchange, with clarifications that the consideration for its recent acquisition of an additional 5 per cent stake in Yangzi-Mitsui Shipbuilding was 43.1 million yuan (S$8 million).

Following the acquisition, the group’s interest in the private company increased to 56 per cent.