SEMBCORP INDUSTRIES LTD saw its shares climb on Tuesday (March 18) morning following a report on Monday that the company is conducting a strategic review of its business and may consider privatization or the sale of some assets.

At 9 a.m., the stock surged to an intraday high of S$6.40, up S$0.30 or 4.9% from the previous close, with approximately 750,800 shares traded. The stock last traded above this level on March 6.

Sembcorp's shares closed up 2.4% on Monday at S$6.10, a gain of S$0.14.

By 10:15 a.m., the stock had retreated to S$6.26, still up S$0.16 or 2.62%, with a trading volume of 1.8 million shares.

On Monday, a Bloomberg report cited "people familiar with the matter" as anonymous sources stating that the Temasek-backed company is working with a financial advisor to review its business. Bloomberg noted that the sources requested anonymity as the matter is not yet public.

In a filing to the exchange on Tuesday, Sembcorp responded to the report, stating that it "continuously reviews" its portfolio and "may, from time to time, work with external advisors to consider available options."

The company added that it would make necessary announcements if there are significant developments and cautioned shareholders to exercise caution when dealing with its shares.