Hot stock: Halcyon Agri surges 34.5% to two-year high after acquisition offer

SHARES of rubber producer Halcyon Agri surged 34.5 per cent to an intraday high of S$0.39 during early trade on Thursday (Nov 17).

The counter was among the top five most heavily traded counters by volume, with nearly 11.2 million shares changing hands in the morning.

The last time the counter traded near such levels was in June 2020. No married trades were recorded, according to ShareInvestor data.

This comes after the group on Wednesday said it received an offer from Shanghai Stock Exchange-listed China Hainan Rubber Industry Group to acquire a 36 per cent stake in the group at US$0.315 apiece.

This brings the total cash consideration to US$180.9 million for a total of 574.2 million shares in Halcyon Agri.

Halcyon Agri requested to lift its trading halt on Wednesday night.

According to the Singapore Exchange, the mainboard-listed group has a production capacity of 1.63 million metric tonnes per annum and owns 38 processing factories producing sustainable natural rubber under the Heveapro brand.