Sapphire surged 11.5% this morning to touch an intraday high of $0.340 today on an announcement posted on SGX late last night. It closed +$0.01 to $0.315.
What happened yesterday?
Two of Sapphire Corp’s largest shareholders, namely Best Feast Limited and Ou Rui Limited are swaping a combined 27.96% stake in the company with new shares to be issued by Hong Kong-listed Hong Kong International Construction Investment Management Group (“HKICIM”). According to an announcement by Sapphire, the above share swap represents Sapphire’s share price of approximately S$0.51 per share.
I have been following up on Sapphire’s corporate transformation plans over the last few years. Personally, I believe potential investors and possibly, HKICIM was attracted to the post-turnaround Sapphire due mainly to its existing core infrastrcuture business operated under its principal subsidiary, Ranken Infrastructure Limited (“Ranken”).
It is worth noting …