SINGAPORE (Sept 29): Shares of Tuan Sing Holdings soared to a multi-year high today on strong volume after the real estate developer said a Singapore property tycoon has become a substantial shareholder.
Tuan Sing disclosed after trading hours last Friday that Koh Wee Meng, founder of Fragrance Group, raised his stake in the company to 5.02% from 4.46% by buying 6.5 million shares in the open market at 43 cents apiece.
Shares of Tuan Sing jumped as much as 9.2% to 47.5 cents in morning trade. They traded at 46.5 cents, up 6.9%, at 0340 GMT.
Koh is listed by Forbes as the 17th richest man in Singapore, with a fortune of US$1.6 billion ($2 billion).
He and his wife own 85% of Fragrance Group and 65% of Global Premium Hotels.
Separately, Tuan Sing is reportedly meeting fixed-income investors today to raise funds.
According to IFR, DBS and HSBC are arranging for the company to meet investors, who are said to be treating Tuan Sing as a high-yield credit play.
The investor meetings are exploratory and a Singapore dollar deal may follow, said IFR.