sgx trader
A trader looks at electronic screens on the dealing floor at DBS Bank's new headquarters in Singapore. REUTERS

Shares in TMC Education jumped as much as 75 percent to seven Singapore cents on Friday after the trading resumed.

The rally comes following news of a takeover bid by Singapore property tycoon Koh Wee Meng.

Koh Wee Meng controls Singapore-listed Fragrance Group with interests extending to Australia and the U.K. His net worth stood at $1.1 billion as of December 14, accoridng to Forbes.

Koh on Friday launched a S$4.2 million takeover bid for the Catalist-listed private education firm at 6.75 Singapore cents apiece or nearly S$10 million.

The offer represents a 69 percent premium over TMC Education's last traded price prior to Thursday's trading halt of four Singapore cents and a 50 percent premium to the stock's one-month volume-weighted average price.

Koh does not intend to continue the core education business and will perform a strategic review after the offer closes. Koh also plans to retain the listing status of TMC Education.

The offer price is final and the offeror does not intend to revise the offer price.