Shares in Singapore’s SC Global Developments jumped as much as 13% on Friday to a nearly three-year high after its second largest shareholder increased its stake in the company.
By 9:22 a.m., SC Global shares were up 9.6% at $1.995, with a volume of 1.1 million shares, compared with a full-day average volume of 3 million shares over the last five sessions.
Second-largest shareholder Wheelock Properties (Singapore) said it bought 1.066 million shares in SC Global at $1.81, raising its stake to 16.09%. Simon Cheong, SC Global’s chairman and largest shareholder, launched last week a $1.80-a-share offer to privatise the company.
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