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 each.
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 oil company.
The three-year contract comes with an option for another two years.