Shares of Fragrance Group, a property and hotel firm, rose as much as 4.3% to a record, ahead of a statement that it will acquire a Singapore property through a newly created special purpose company it set up with Aspial Corp.
Kensington Village, the special purpose company, will buy the freehold property for $161 million. It has a land area of 9,643.20 square meters, and is zoned for commercial and residential purposes, Fragrance said in a statement.
Fragrance Group shares were up 3.2% at $0.485 before trading was halted. The shares, which have jumped about 54% so far this year, resume trading on Wednesday.
A total of 10.2 million shares were traded, 2.5 times the average full-day daily volume over the last 30 days. Aspial shares were up 5.7%.
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