Hot stock: PEC rises 11.4% after talks of potential share deal

The counter climbs 11.4 per cent or S$0.085 to S$0.83 as at 11.18 am.

SHARES of engineering company PEC were up 11.4 per cent on Thursday (Nov 28) following talks of a possible share deal.

As at 11.18 am, the counter had climbed 11.4 per cent or S$0.085 to S$0.83, hitting a record high in more than a decade. PEC shares last rose above this price point in 2012.

At the midday trading break, the stock had traded up by 10.1 per cent or S$0.075 to S$0.82, with 1.2 million securities switching hands. As at 1.33 pm, it was still up by 10.1 per cent.

No married deals were recorded, based on ShareInvestor data. On Wednesday (Nov 27), the company said in a bourse filing that a third party had approached it about a “possible transaction” in relation to its shares.

However, it said that no decision had been made and that there was “no certainty or assurance” that any transaction in respect to its shares would take place.

PEC shares have been on an uptrend this year and have soared 40.6 per cent year to date, based-off its latest closing price of S$0.745 for Wednesday.

The counter has jumped 46.1 per cent on rising volumes since it hit a trough of S$0.51 on Aug 27.

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