SINGAPORE, March 5 (Reuters) - Shares of Singapore's Rowsley Ltd surged as much as 31 percent on Monday after the oil recycling and renewable energy firm said it agreed to sell shares and warrants in UPP Holdings Ltd for S$22.1 million ($17.7 million).
By 9:16 a.m. (0116 GMT), Rowsley shares were up 27.5 percent, outperforming the broader Straits Times Index, which was 0.1 percent higher. UPP shares were 4.6 percent higher.
" Both the stocks are up because Rowsley will have the cash proceeds from the sale, while for UPP the sale means that they will have a new big shareholder," a local trader said.
UPP provides management services and trades paper products.
Rowsley's subsidiary SSP Innovations Pte Ltd agreed to sell 108.1 million shares in UPP to Singapore broker UOB Kay Hian Private Ltd -- amounting to 18.56 percent of UPP's issued share capital -- at S$0.17 each.
Rowsley also disposed of 53.6 million warrants due in March 2013 issued by UPP at S$0.07 apiece.
The disposal is expected to raise Rowsley's basic earnings per share and net tangible asset per share, it said in a stock filing. ($1 = 1.2511 Singapore dollars) (Reporting by Eveline Danubrata Editing by John O'Callaghan)
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| 05-Mar-2012 10:45 |
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| 05-Mar-2012 10:03 |
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Rowsley has sold all of its 108,136,000 shares of UPP! |
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| 02-Mar-2012 15:18 |
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Question 1: Are you aware of any information not previously announced concerning you (the issuer), your subsidiaries or associated companies which, if known, might explain the trading? - If yes, the information must be announced immediately. Response: No, the Company is not aware of any information not previously announced concerning the Company, its subsidiaries or associated companies which, if known, might explain the trading. Question 2: Are you aware of any other possible explanation for the trading? Response: No, the Company is not aware of any other possible explanation for the trading. However, the Company notes that its substantial shareholder, Rowsley Ltd. holding a 18.56% interest in the Company has announced a trading halt on 1 March 2012. The Company has not received any information from its substantial shareholder. Question 3: Can you confirm your compliance with the listing rules and, in particular, listing rule 703? Response: The Company confirms compliance with the listing rules, in particular, listing rule 703. By Order of the Board of Directors of UPP Holdings Limited Ong Pang Liang Executive Director |
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