Shares in Singapore's largest retail franchise operator surged 23.5 per cent yesterday after the local press reported Li Ka-shing had bought into the company and might use it as a platform to boost his Southeast Asian presence.
Stocks in main board-listed Provisions Suppliers Corp (PSC) jumped two Singapore cents to 10.5 Singapore cents, making it the day's third-biggest gainer. The company did not return calls seeking comment.
However, an official with Hutchison Whampoa's AS Watson Group, Mr Li's main retailing vehicle, denied the group was involved with PSC.
Yesterday, The Business Times reported Mr Li had earlier this year moved to take control of PSC and could be preparing an assault on the city-state's grocery and provisions market.
PSC controls about 10 per cent of the local market through a chain of franchised outlets in many neighbourhoods under the Econ Minimart brand. It also has minor interests in hotels, real estate and resorts.
AS Watson personal health-care stores are already in Singapore.