Investor in talks to acquire RH Petrogas; shares soar 11%

SINGAPORE - RH Petrogas said its controlling shareholders have been approached by an investor and have engaged in discussions regarding a potential proposal which may lead to a takeover offer.

However, no formal offer has been made by the investor to the shareholders: Surreyville, Sharptone Investments and RH Capital, the company said in response to a Singapore Exchange query over its unusual share price movement today.

RH Petrogas shares soared 8.5 cents or 11 per cent to 85.5 cents on turnover of 26.1 million units.

The company noted that it receives, from time to time, proposals for potential mergers and acquisitions, joint ventures or strategic alliance opportunities.

It said it would review and evaluate such proposals in line with its business strategies and objectives, with a view to enhance its shareholders value.

"The board wishes to clarify that as at the date of this announcement, no binding offer has been made and no definitive agreements have been entered into in relation to any merger and acquisition, joint venture or strategic alliance opportunity," it noted.