Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-GSH surges on Chinese property investment plan

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STOCKS NEWS SINGAPORE-GSH surges on Chinese property investment plan Sep 4th 2012, 02:02 Mon Sep 3, 2012 10:02pm EDT Shares of GSH Corp Ltd surged after the consumer goods distributor said it plans to acquire a 60 percent stake in a property development company in China for 314.9 million yuan ($49.7 million). Separately, the company said it had received approval from the Singapore Exchange to be removed from the bourse's watch-list with effect from Sept. 4, after meeting certain profit and market capitalisation requirements. GSH shares rose as much as 17 percent to S$0.109 on Tuesday, the highest since April 26. More than 120 million shares changed hands, 1.8 times the average full-day volume over the past 30 days. The stock has been in the spotlight after Singapore tycoon Goi Seng Hui, also known as Sam Goi, became the company's new majority shareholder in April. GSH was formerly known as JEL Corp (Holdings) Ltd. GSH said on Monday its unit had signed a non-binding memorandum of understanding with Chongqing Boneng Property Development Co Ltd for the proposed acquisition. GSH said it was exploring opportunities in property development and construction. GSH shares were up 11.8 percent at S$0.104 by 0956 (0156 GMT). 0956 (0156 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) ($1 = 6.3407 Chinese yuan) Link this Share this Digg this Email Reprints

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