Shares in Penguin International surged 16% to 58 cents after the company announced, on the morning of Dec 21, that it is in non-binding discussions with a potential investor in relation to a possible transaction involving the shares in the company.

At about 9.04am, shares in the company rose as high as 58.7 cents from 50 cents at market open.

The announcement was released by the company’s board of directors, who were informed of the transaction by Penguin’s executive chairman Jeffrey Hing Yih Peir and managing director James Tham Tuck Choong.

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