Singapore shares were little changed, but vegetable
processing firm China Minzhong Food Corp Ltd and oil
and gas services provider Ezion Holdings Ltd
outperformed the market.
The Straits Times Index was flat, while MSCI's
broadest index of Asia-Pacific shares outside Japan
was up 0.1 percent.
China Minzhong shares jumped as much as 12.3 percent to
s$1.145, the highest in nearly a year. The stock was the top
traded by value in Singapore on Monday.
China Minzhong said last week Indonesian food producer PT
Indofood Sukses Makmur Tbk had bought 98 million
shares, or a 14.95 percent stake in the company, at S$0.915
Maybank Kim Eng said Indofood may acquire more shares in
China Minzhong, and a privatisation offer in future is possible.
"We continue to like China Minzhong for its prosperous
growth outlook and undemanding valuation. Better use of the
proceeds from the placement would be a catalyst for the stock,"
the broker said, raising its target price to S$1.36 from S$1.16
and maintained 'buy'.
Ezion shares gained as much as 4.3 percent after the company
said it had won a charter contract worth around $79.9 million to
provide a jack-up rig to support a South Asian based national
The three-year contract comes with an option for another two
1408 (0608 GMT)