Alpina Holdings, which was listed in just Jan 2022, says its controlling shareholders are in discussions over a "possible transaction" involving the company's shares.

"The company understands that the discussions are confidential and ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of the discussions," says the mechanical and electrical engineering contractor on June 3.

The company's executive chairman and CEO Low Siong Yong, as indicated in its annual report, holds just over 81 million shares, equivalent to 43.96% as at March 18.

Tai Yoon On, the company's other founder and executive director, holds 35.97%.

Other shareholders among the top 20 listed in the annual report include one Mah Bow Tan with just over 3.2 million shares or 1.75%.

Alpina Holdings' IPO was priced at 31 cents. It last traded at 25 cents.

Alpina Holdings jumps 18% at 11:05 am, Jun 4th.