PCI's controlling shareholder approached by third party on potential transaction

PCI's controlling shareholder has been approached by a third party about a potential transaction, PCI said in response to a query from the Singapore Exchange.

Shares in PCI closed at S$1.09 on Tuesday, up five cents, after hitting a high of S$1.14 in intra-day trading. The recent run-up in its share price prompted a query from the exchange on Tuesday afternoon.

In a statement on Tuesday night, PCI said: "Chuan Hup Holdings, as the controlling shareholder of the company, has informed the board that it has been approached by a third party in connection with a potential transaction in relation to the securities of the company. The discussions are on-going and there is no certainty or assurance whatsoever that these discussions will progress beyond the current stage or that any transaction will arise from these discussions."

It said that it was not aware of any other possible explanation for the trading.