Singapore Shares End Lower; TTJ Shares Surge 36% as Chairman Offers to Take Company Private

MT Newswires · 05/23/2022 17:46

05:44 AM EDT, 05/23/2022 (MT Newswires) -- Singapore's Straits Times Index opened the week higher but was soon pulled into the negative territory, as investors weigh concerns over inflation and economic growth.

During the day, the benchmark index ranged between 3,215.88 and 3,251.61 and ended 0.65%, or 21.06 points, lower at 3,219.52.

In corporate news, shares of TTJ Holdings (SGX:K1Q) soared 36% on Monday's close on the news that THC Venture -- an investment holding company owned by TTJ Holdings' executive chairman Teo Hock Chwee -- intends to make a voluntary conditional cash offer of SG$0.23 ($0.17) per share to take the steelworks company private.

King Wan (SGX:554) clinched new mechanical and electrical contracts worth about SG$54.7 million ($39.8 million) in the first quarter, sending the building services provider's shares up 11% at market close.

Shanghai Turbo Enterprises (SGX:AWM) closed nearly 14% lower on Monday, as it issued a notice on Friday that it has recorded three consecutive years of pre-tax losses, based on its audited full-year consolidated accounts.

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