Money Markets: Singapore shares slightly down; Goodpack surges to near 7-year high

SINGAPORE (Reuters) - Shares of Goodpack surged to their highest in nearly seven years on Friday after Reuters reported that Blackstone Group and Carlyle Group were considering a bid for the Singapore container maker.

Goodpack shares jumped as much as 3.9 per cent to $2.40, its highest since July 2007. Some 1.1 million shares were traded, nearly double the average full-day volume over the past 30 days.

The benchmark Straits Times Index was down 0.2 per cent.

Blackstone and Carlyle had meetings this week with Goodpack, which makes containers used in the rubber, tyre and food industries, people familiar with the matter said.

In response to the report, Goodpack said in a stock market filing that it had informed shareholders on March 19 that it had been "approached by parties in connection with a possible transaction, which may or may not lead to an offer for the shares of the company." The discussions are still ongoing and there is no certainty that they will result in any transaction, Goodpack said.

Shares of Noble Group Ltd fell 2.7 per cent after a previous rally sparked by news that China's biggest grain trader COFCO Corp is buying a majority stake in the Singapore-listed commodities firm's agribusiness for US$1.5 billion.

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