Hot stock: Dyna-Mac hits 2-year high on Keppel O&M, Sembmarine proposed merger

Vivienne Tay

Published Wed, Apr 27, 2022 · 10:30 AM

SHARES of Dyna-Mac Holdings : NO4 0% hit a 2-year-3-month high on Wednesday (Apr 27) following news of the proposed merger of Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine : S51 0% (Sembmarine).

KS Investments, which is wholly-owned by Keppel O&M, owns a 24.43 per cent stake in mainboard-listed Dyna-Mac.

Dyna-Mac’s counter reached a high of S$0.138 as at 9.10 am on Wednesday, surging 13.1 per cent or S$0.016. The last time Dyna-Mac’s shares closed near this level was on Jan 22, 2020.

By 10.09 am, Dyna-Mac’s shares were trading 12.3 per cent or S$0.015 higher at S$0.137. The counter was also the most hotly traded by volume at the time, with 41.3 million shares changing hands.

Keppel Corporation : BN4 0% had announced on Wednesday morning that it entered into definitive agreements with Sembcorp Marine for the proposed combination, which will allow the conglomerate to realise S$9.4 billion in value. Trading in Keppel Corp and Sembmarine shares were halted before the market opened.

Dyna-Mac, which fabricates topside modules and structures for the offshore oil and gas industry, on Monday said it obtained 2 contracts worth S$90.3 million from new and repeat customers. This brought its net order book to S$461.1 million.