STOCKS NEWS SINGAPORE-See Hup Seng up on offshore drilling acquisition
Category: Offshore Banking, Uncategorized
Shares of Singapore's oil and gas services firm See Hup Seng Ltd rose as much as 11.4 percent after it acquired a minority stake in an offshore drilling company.
See Hup Seng's shares were 6.8 percent higher at S$0.235 with more than 13.6 million shares traded, 4.3 times the average daily volume traded over the last five sessions.
"The company's expansion into offshore and drilling has attracted investors. Oil prices have been on a strong trend up so the oil sector is still considered lucrative," said a trader.
See Hup Seng, which mainly provides corrosion prevention services to customers in the oil and gas industry, said on Friday it will spend $10 million to acquire a minority stake in Energy Drilling Pte Ltd.
Related story: http://link.reuters.com/mym37s
1012 (0212 GMT)
(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)
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10:06 STOCKS NEWS ASEAN-Hiap Hoe jumps on takeover talk
Shares of Singapore's property firm Hiap Hoe Ltd jumped as much as 12.7 percent on strong volume on market talk the firm could be a takeover target due to its attractive valuations and potential earnings growth, traders said.
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STOCKS NEWS SINGAPORE-See Hup Seng up on offshore drilling acquisition
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