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Publish date: Mon, 09 Apr 2012, 12:53 PM
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Shares of Singapore's Tiong Woon Corp Holding Ltd rose as much as 8 percent after the engineering and construction firm said Haosen Marine Pte Ltd had withdrawn a court claim against its subsidiary, Tiong Woon Oasis Pte Ltd. Tiong Woon shares were up 4 percent at S$0.26 on volume of 12.9 million shares, around 16 times the average full-day volume traded over the past 30 days. The stock has gained 39 percent so far this year.
Last week, TEE said its independent and non-executive chairman, Bertie Cheng Shao Shiong, and its group chief executive and managing director, Phua Chian Kin, were being investigated by Singapore's Commercial Affairs Department on "possible contravention of market rigging provisions".
Cavenagh Gardens up for en bloc sale
Cavenagh Gardens, a freehold residential site at Cavenagh Road was put up for en bloc sale on Monday.
Measuring 128,256 sq ft, the site has a plot ratio of 2.1, to yield a total potential gross floor area of 269,337.6 sq ft. It has a 24m height control. The site has the possibility of alienating adjoining parcels of state land, which could increase the total area to 150,000 sq ft, with potential gross floor area of 310,000 sq ft.
The expected market price is between $460 million and $480 million.
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