Sally Aw Sian and family reported to be poised to sell 68pc of news group

Speculation of a change in control at Sing Tao Holdings sent shares in the loss-making publishing group more than 11 per cent higher yesterday as reports suggested chairman Sally Aw Sian and her family may be poised to sell their 68 per cent stake.

The shares jumped as high as $3.95 before closing at $3.80 on comparatively active volume of 1.53 million shares worth $5.83 million. Brokers said speculation that a bid valuing Sing Tao at $1.8 billion or $4.23 a share could soon emerge sparked buying in the stock, which has under-performed the Hang Seng Index by more than 47 per cent since the start of the year.

The rumoured price is above the group's highest price of $4 during that period.

If a share sale materialised, it would trigger a general offer for the outstanding Sing Tao shares.

Sing Tao was founded in 1951 by Ms Aw's father, Aw Boon Haw, who is also famous for launching Tiger Balm and other medicines.

It was listed in 1972, and owns Chinese flagship newspaper Sing Tao Daily and the English daily Hong Kong Standard as well as 43 per cent of Culturecom Holdings which runs Chinese daily Tin Tin Daily News .

Ms Aw was reported to be negotiating to sell a controlling stake to Nanyang Press (Malaysia), which is part of the Quek family-controlled Hong Leong Group.