Shares in Penguin International surged 16% to 58 cents after the company announced, on the morning of Dec 21, that it is in non-binding discussions with a potential investor in relation to a possible transaction involving the shares in the company.
At about 9.04am, shares in the company rose as high as 58.7 cents from 50 cents at market open.
The announcement was released by the company’s board of directors, who were informed of the transaction by Penguin’s executive chairman Jeffrey Hing Yih Peir and managing director James Tham Tuck Choong.
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Penguin adds that there is no certainty that “any specific or definitive agreement will be entered into or that any transaction will materialise from the on-going discussions” and that the company will issue a further announcement if and when there are any material developments.
As at 1.09pm, shares in Penguin are trading 8 cents higher or 16% up at 58 cents.
