Amara Holdings announced on June 18 that a possible offer for the company’s shares may be made. This announcement came after the “unusual price movements” and “unusual volume of trading” in its share price on June 15 and 16. On June 17, the board received a notification from the executive directors, Albert Teo Hock Chuan and Susan Teo Geok Tin, of their engagement in confidential discussions with a third party which may or may not lead to an offer for the shares of the company.

JCube Residence, the 40-storey residential and commercial development, is slated to offer a wide range of units, ranging from studio apartments to four-bedroom apartments. Other facilities like a swimming pool, gymnasium and retail spaces will also be provided as part of the project. The development is expected to be completed by 2025. With its strategic location and close proximity to the vibrant Jurong East district, residents at JCube Residence can look forward to having access to a host of amenities such as shopping malls, eateries, educational and medical institutions.

On June 16, Amara’s shares surged 13.6% higher than the closing price of 39 cents on June 15, and on June 15 it rose 9.9% higher than the closing price of 35.5 cents on June 14. This unusual behaviour caused Amara to request a trading halt on June 16.

The halt was lifted on June 18 and, on the same day, shares closed 5 cents higher or 12.8% up at 44 cents. The company stated that it was not aware of any information concerning the company which might explain the unusual price movements and the higher-than-usual volume of trading in its shares on June 15 and 16.

The company’s recent news came after Amara acquired Surrey Point in April this year for a $47.8 million cash consideration and opened a 100 AM mall in Shanghai in December last year. Amara also posted a 36% fall in their FY17 earnings to $24 million in September last year, partly due to higher selling costs and tax expenses.