Amara says key shareholders in talks over possible transaction after shares jump
Sign up now: Get ST's newsletters delivered to your inbox
Amara's share price had surged by 23.9 per cent over two days to 44 cents before a trading halt was called on Friday.
PHOTO: ST FILE
Tay Peck Gek
SINGAPORE - Two major shareholders cum executive directors of property developer and hotel group Amara Holdings are currently engaged in confidential discussions with a third party in relation to a possible transaction involving the company.
In its regulatory filing on Sunday, Amara referred to “unusual price movements and the higher-than-usual volume of trading” in its shares last Thursday and Friday.
Its share price was 35.5 cents at Wednesday’s market close and had surged by 23.9 per cent to 44 cents when it requested a trading halt at around 12.30pm on Friday.
Amara’s statement indicated that it had received written notification on Saturday from siblings Albert Teo Hock Chuan and Susan Teo Geok Tin informing the company that they and some family members are currently engaged in confidential discussions with a third party in relation to a possible transaction involving Amara.
Mr Albert Teo holds the position of chief executive while his sister is one of Amara’s company secretaries.
Both are shareholders. The Singapore Exchange website shows that Ms Susan Teo holds a 6.1 per cent stake in Amara while Albertsons Capital – in which Mr Albert Teo is a shareholder – owns about a 6.3 per cent interest in Amara.
First Security, a corporate shareholder with a 26.5 per cent stake, count both siblings as shareholders.
Their discussions may or may not lead to an offer for the shares of the company, Amara’s filing said.
Amara on Sunday asked for the trading halt to be lifted. THE BUSINESS TIMES
