Shares of SIA Engineering Co fell to their lowest since January 2010 on news that JPMorgan is selling 38.8 million shares in the aircraft maintenance, repair and overhaul (MRO) services provider for up to S$128 million.
The stock was trading down 5.2 per cent, or S$3.28 as at 11.38am on Wednesday, but had reached as low as S$3.15 earlier in the day.
The company's shares fell 5.75 per cent earlier in the morning, or 21 Singapore cents, to S$3.24 as at 9.35am on Wednesday, drawing a trading query from the Singapore Exchange (SGX).
JPMorgan’s share sale is at a price range of S$3.11 to S$3.30 per share, according to Reuters. Those prices imply a 4.6 to 10.1 per cent discount to the company’s pre-deal close of S$3.46.
