Amara Holdings, on June 18, announced that the board had received written notification from the executive directors and certain of their family members, Albert Teo Hock Chuan and Susan Teo Geok Tin, regarding engagement in confidential discussions with a third party in regards to a possible transaction that may lead to an offer for the shares of the company.

It follows the “unusual price movements” and higher than usual volume of trading in the company’s shares on June 15 and 16. On June 16, the company requested a trading halt after its shares surged to 44.3 cents, 13.6% higher than the closing price of 39 cents on June 15. On June 14, the closing price was 35.5 cents and saw a 9.9% increase on June 15.

The company has asserted that it is not aware of any information concerning the company or its subsidiaries that could explain the movement of the shares or the higher than normal volume of trading.

Prior to the trading halt being lifted on June 18, the shares closed 5 cents higher or 12.8% up at 44 cents on June 16.

Amara Holdings’ announcement comes as part of the parties’ ongoing confidential discussions concerning a transaction that may or may not lead to an offer for the company’s shares.

This news was first reported by on Sunday, June 18, following the unusual price movements in the company’s shares.

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