Amara Holdings A34 on June 18, announced that a possible offer for the shares of the company may be made.
On June 17, the board received a written notification from Amara’s executive directors, siblings Albert Teo Hock Chuan and Susan Teo Geok Tin, to say that they and certain of their family members are currently engaged in confidential discussions with a third party. The discussions are in relation to a possible transaction that may or may not lead to an offer for the shares of the company. Albert Teo is also Amara’s CEO while Susan Teo is the company secretary.
The company’s announcement comes after the “unusual price movements” in its share price. Shares in the company also saw an “unusual volume of trading” on June 15 and 16.
A trading halt was requested by the company on June 16 after its shares surged to 44.3 cents on the same day, 13.6% higher than the closing price of 39 cents on June 15.
Shares in June 15 also climbed 9.9% higher than the closing price of 35.5 cents on June 14.
“Save as disclosed above, the company is not aware of any information not previously announced concerning the company and, or its subsidiaries which might explain the unusual price movements and the higher than usual volume of trading in its shares on June 15 and 16,” says Amara.
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Shares in Amara closed 5 cents higher or 12.8% up at 44 cents on June 16 before its trading halt. The halt has been lifted on June 18.
