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Shares of Freight Links Express <FLEH.SI> surged as much as 25% on Wednesday, on anticipation that plans to spin off some assets into a new property trust called Sabana REIT are close to fruition.
Freight Links, a logistics firm, could realise a one-time gain of $192.95 million from a sale and leaseback agreement with Sabana for five of its properties, the firm had said in October.
Sabana REIT will be Singapore’s first sharia-compliant real estate investment trust.
At 0227 GMT, Freight Links shares were up 12.5% at $0.09 with over 110 million shares changing hands, making it the most traded stock by volume so far on Wednesday.
