by millionairemind » Fri Jan 30, 2009 7:08 pm
Wonder who is spreading the rumours.. my friend at DBS vickers got the tipoff right after 2pm and the stock just took off from there.
January 30, 2009, 6.43 pm (Singapore time)
Straits Asia Resources says no formal bid received yet
By ANGELA TAN
Straits Asia Resources Limited on Friday told the Singapore Exchange that there has been no formal expression of interest to buy the company.
'The Review is continuing. Straits Asia is aware of various press reports concerning parties who may be interested in acquiring a shareholding in Straits Asia, but Straits Asia has not been informed that there has been any formal expression of interest arising from the Review,' the company said in reply to queries from the exchange after its share price rallied.
On 4 December 2008 Straits Asia announced that its major shareholder, Straits Resources Limited (SRL) had informed Straits Asia that it intended to conduct a strategic review (Review) in relation to its 47.1 per cent shareholding in Straits Asia.
On Friday, Reuters reported that commodities firm Noble Group and Indonesian coal miner PT Indika Energy Tbk are among the companies pursuing a bid for Straits Asia Resources, according to sources familiar with the matter, in a deal that could be worth more than US$800 million.
Bidders are setting their sights on the two Indonesian coal mines that the Singapore-listed company controls.
Straits Asia said it will keep the market informed if it becomes aware of any significant developments concerning the Review.
Its shares ended up 14 per cent, or 11.5 cents, at 94 cents each on Friday.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch
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