Singapore Hot Stocks-Jade soars to 7-wk high on fund raising

The commodities and engineering services firm, which is being probed by authorities after a failed takeover bid, said late on Friday that it had raised S$9.63 million ($7.02 million) -

SINGAPORE, May 20 - Jade Technologies surged 69 percent to a seven-week high of S$0.135 with a hefty 239 million shares traded after the firm raised funds from a share offering for a coal mining project in Indonesia.

The commodities and engineering services firm, which is being probed by authorities after a failed takeover bid, said late on Friday that it had raised S$9.63 million ($7.02 million) from a private share placement.

It said it will use S$5.4 million for its coal mining project in Indonesia and the rest as working capital.

Shares in Jade Tech fell 70 percent on April 7 after the company's former president Anthony Soh failed to take the firm private because he did not have enough funds to continue with the takeover.

Several regulatory authorities such as the Monetary Authority of Singapore and the Accounting and Corporate Regulatory Authority are looking into the failed S$117 million takeover.

0755 GMT - Straits Times Index was down 1.46 percent.

RIG-MAKERS, OIL SERVICES UP ON HIGH CRUDE

Rig-makers such as Sembcorp Marine and oil services firms like KS Energy rose as crude oil futures stayed over $127 a barrel on Tuesday.

Sembcorp Marine, the world's second-largest offshore rig-builder, jumped as much as 4.5 percent to S$4.40 with over 5.6 million shares traded. Top rig builder Keppel Corp rose as much as 2.4 percent to S$12.08 with more than 2.6 million changing hands.

Chinese shipbuilder and offshore rig-maker Cosco Corp 3.9 percent to S$3.70 with about 11 million shares traded.

Oil held above $127 on Tuesday, near Friday's record, after OPEC's president insisted the cartel would not increase output at its next meeting in September. [O/R]

KS Energy climbed as high as 4.5 percent to S$2.10 with over 2.5 million shares traded while rival Ezra Holdings rose as much as 3.4 percent to S$2.77.

"With concerns on supply mounting, demand likely to hold up through Q2 2008, the prospects of the U.S. hurricane season -- all suggest that barring regulatory intervention, oil prices should remain high," Credit Suisse analysts said in a research note.

Credit Suisse analysts have upgraded their oil price forecast up 22-53 percent between 2008-2012.

0259 GMT - Straits Times Index <.FTSTI> was down 0.71 percent.

STX RISES AFTER BALTIC INDEX HITS NEW HIGH

South Korean shipping firm STX Pan Ocean rose as much as 7.8 percent to a seven-month high after Baltic Exchange's dry freight index <.BADI> hit an all-time high on Monday, dealers said.

Its shares reached an intraday high of S$4.00 with a volume of 3.3 million changing hands.

The Baltic Exchange's main sea freight index, which monitors merchant shipping costs on 40 major export routes for dry commodities, jumped to a fresh record on demand for natural resources in China and India. [ID:nL15783729]

0202 GMT - Straits Times Index <.FTSTI> was down 0.05 percent.