Singapore Petroleum Corporation (SPC) shares rose 20 per cent to S$6.05. --PHOTO: KEPPEL CORP
SINGAPORE Petroleum Corporation (SPC) shares rose 20 per cent to S$6.05 on Monday, reported Bloomberg News.
The jump follows news that PetroChina, China's biggest oil producer, will buy 45.5 per cent of the Singapore refiner for S$1.47 billion, or S$6.25 a share, from Keppel Corp, 24 per cent higher than the last-traded price of S$5.04 at the May 22 close.
The transaction, when completed, will trigger a general offer for the remaining shares, the Beijing-based oil company said on Sunday.
Keppel Corp, the world's largest maker of oil rigs, climbed 4.6 per cent to close at S$7.28. PetroChina shares rose 1.9 per cent to 13.1 yuan at the close in Shanghai and fell 0.8 per cent to HK$8.32 in Hong Kong.
