Taxi operator ComfortDelGro surged as much as 11 percent on Wednesday amidst talks of a potential alliance with U.S.-based Uber Technologies.
At 0350 GMT, ComfortDelGro shares were up 6.9 percent to S$2.32 after rising as much as S$2.410 earlier in the session. Almost 37 million shares changed hands compared to average volume of 9 million.
ComfortDelGro on Tuesday said it is in "exclusive" talks with U.S.-based Uber Technologies to manage its fleet of vehicles and booking software solutions in Singapore.
The company said the potential strategic alliance between with the Uber includes the company's taxis also being made available on Uber's app, among other things.
The alliance aims to strengthen the company's position as a major mobility service provider in Singapore, ComfortDelGro said in a statement.
Stock is down 6 percent so far this year, bringing its market value to S$4.7 billion.