SIA Engineering shares tumble to 6-year low

A Singapore Airlines Boeing 777-300 is seen parked in the SIA Engineering Company hangar.
A Singapore Airlines Boeing 777-300 is seen parked in the SIA Engineering Company hangar.PHOTO: ST FILE

SINGAPORE (REUTERS) - Shares of SIA Engineering sank to more than a six-year low on Wednesday morning (Oct 4) after news that JP Morgan is selling 38.8 million shares in the aircraft maintenance services provider for up to S$128 million.

The shares fell earlier in the morning by as much as 8.96 per cent to S$3.15, their lowest since January 2010. At around 10am, they were trading at S$3.26, down 5.76 per cent.

JP Morgan's share sale is at a price range of S$3.11-S$3.30 per SIA Engineering share, implying a 4.6 to 10.1 per cent discount to the company's pre-deal close of S$3.46.

The Singapore Exchange on Wednesday (Oct 4) issued a query regarding trading activity on the company.