Singapore’s Courage Marine (E91.SG) is +13.2% at $0.215, its highest level since May 2010, after the dry-bulk shipper says it intends to seek a dual primary listing on the HK stock exchange’s main board.

Volume spikes to 10.3 million shares, as investors seek to ride the near-guaranteed gains in the run up to further announcements, which are mostly driven by hopes of increased valuations and trading volumes. 

Kim Eng says “share prices of companies that have made known their dual-listing intention almost certainly surge following the announcements.” Beyond the usual talk of increasing the stock’s shareholder base and liquidity, Courage says the proposal will also serve to enhance its profile and facilitate business opportunities in China. 

 

In November, the group posted 3Q revenue of US$8.5 million ($11 million), up 54% on year. It said its fleet utilization rose in the quarter to 90% from around 51% in 3Q09 due to higher demand from commodity trading “especially in Greater China.” Orderbook quotes suggest $0.225 cap N/T.