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SINGAPORE (THE BUSINESS TIMES) – Singapore Press Holdings (SPH) shares rose on Friday (November 20) amid trading activity.
As of 3:38 p.m., the stock was up 12 cents, or 11.4 percent, to $ 1.17, on an accrued dividend basis.
With 50 million shares changing hands, it was the second most traded by value on the Singapore Stock Exchange and the fifth by volume.
Approximately 65 large trades, each valued at more than $ 150,000, were made during the morning trading session.
In response to inquiries from the Singapore Stock Exchange about unusual trading activity, SPH said that it regularly evaluates all opportunities in its portfolio with the aim of enhancing shareholder value, which may involve discussions with various parties and stakeholders.
“There is no guarantee that any transaction will materialize or that a final or binding agreement will be reached. SPH, in accordance with applicable rules, will make further announcements as appropriate,” it said.
Last month, the stock briefly fell below $ 1. The first time it did so was Oct. 14 morning, after the board cut dividends when the media and ownership group fell into the red. It fell again from October 29 to November 2, to close at about 99 cents at 99.5 cents.
SPH, which publishes The Business Times and The Straits Times, recommended a final cash dividend of one penny per share for the fiscal year ending August 31, 2020, down from 5.5 cents a year ago. The dividend will be paid on December 18 after the close of the books on December 4.
Separately, SPH’s manager Reit, sponsored by SPH, announced on Wednesday that its non-executive director, David Chia, 65, has resigned to pave the way for the “renewal of board members.”
Units of SPH Reit were also up on Friday, gaining 1.9 percent or 1.5 cents to trade at 81.5 cents at 3:38 p.m.
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