Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Sin Heng falls after stake sale news

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STOCKS NEWS SINGAPORE-Sin Heng falls after stake sale news May 28th 2012, 01:51 Sun May 27, 2012 9:51pm EDT Shares of Sin Heng Heavy Machinery Ltd fell as much as 17 percent after Toyota Tsusho Corp acquired a 27 percent stake in the Singapore heavy lifting services firm at a discount to the last traded price. Toyota, a member of Toyota Motor Corp Group, bought around 123.8 million shares in Sin Heng from its controlling shareholder SEAVI Advent Equity V (C) Ltd for S$26 million ($20.3 million). That translates to S$0.21 per share, a 20.75 percent discount to its closing price of S$0.265 last Thursday before the company requested a halt in trading of its shares. The stock had risen nearly 13 percent before the halt. "People were already buying the stock before the news and they were probably expecting a premium. But the offer was quite disappointing because it was a fairly big discount to the last traded price," said a local trader. By the first 45 minutes of trading on Monday, Sin Heng shares were down 15 percent at S$0.225 on volume of 31.5 million shares, 1.4 times the average full-day volume over the past 30 days. Sin Heng shares were the second-highest traded stock by volume in the Singapore market on Monday. (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

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