SINGAPORE (Reuters) - Shares in offshore oilfield service firm Ezra Holdings hit their highest level in more than two years, on talks that the company is engaged in discussion on its subsea division, while the Singapore benchmark index barely moved.
Ezra's stock rose as much as $1.475 on Wednesday, a level unseen since July 2011, after shooting up 9 per cent in the previous session, for which the company received a query from the Singapore Exchange.
In response to the exchange's query filed late Tuesday, Ezra said it was not aware of any information that had caused the price jump, but admitted that it is in discussions related to its subsea division.
"The Company is currently evaluating certain proposals and is engaged in discussions in relation to these proposals," it said in a filing, adding that there is no certainty whether these discussions will progress beyond the current stage.
The benchmark Straits Times Index remained in the doldrums, down 0.1 per cent at 3,183.61 points by midday. It held up better than MSCI's broadest index of Asia-Pacific shares outside Japan, which was 0.7 per cent lower.
In other stocks, Blumont Group slumped as much as 19 per cent to a one-year low of $0.079. LionGold Corp and Asiasons Capital, which are associated with Blumont, fell 5 per cent and 7 per cent respectively.
All three stocks suffered steep declines in share prices in October, and triggered a probe into the price volatility from the exchange and Singapore's central bank.