STX Pan jumps on news of share migration

Shares of South Korean shipping firm STX Pan Ocean <028670.KS> rose as much as 13.1 percent to S$2.77 with 49.4 million shares traded after the company announced details on the migration of its shares between Singapore and Seoul.

Shares of STX Pan Ocean, which is also listed on the Seoul exchange, is trading in Singapore at around a 34 percent discount to its Korean counterpart.

By 0425 GMT, STX Pan Ocean shares were trading down 2.77 percent on the Korea Exchange, at 2,455 won.

A STX Pan Ocean spokeswoman said she could not give an exact timeline for the migration of shares, but a local dealer told Reuters it will take about two weeks.