0238 GMT [Dow Jones] Top Global (519.SG) +200% at S$0.015 with volume spiking to 489 million shares, accounting for over third of market's volume so far; real estate penny stock buoys FTSE ST Catalist index, +33%.
Trader at local brokerage says "they have been mentioned as one of the participants in the Capitol redevelopment project, recently there was also a big rights issue, so I suspect that there are some blocks crossing hands among friendly parties.
But I don't know the specifics of any particular transaction."
Orderbook shows married deal at S$0.010.
Singapore's Urban Redevelopment Authority Wednesday awarded tender for land parcel at Stamford Road/North Bridge Road (site of former Capitol theater) for mixed development to highest of 3 bidders, at S$250 million; when contacted, company executive confirms Top Global part of winning syndicate, will make formal announcement later today. (matthew.allen@dowjones.com)
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