SingHaiyi upbeat as it unveils third US acquisition

PROPERTY developer SingHaiyi Group has set itself a post-consolidation target of 50 cents for its stock and move to the mainboard by this time next year, its chairman said as the company unveiled its third US acquisition.

Catalist-listed SingHaiyi will seek shareholders' approval today for a 10-into-1 share consolidation as it aims to attract a more institutional investor base. The shares closed at 1.7 cents yesterday, lower by 0.1 cent or 5.6 per cent.

"Eighteen cents is still a penny stock, as far as I'm concerned," said non-executive chairman Neil Bush. "By US standards it's a penny stock, but here it's a level of credibility much higher than 1.7 cents, and our goal is to get it over 50 cents. And we'll meet all the other conditions for being listed on the mainboard, so it's just a question of how we get from here to that ... By this time next year, by this time. You can put it down on a piece of paper, I think it's realistic."