Hot stock: Hosen gets SGX query after shares surge 70.3%
SHARES of Catalist-listed Hosen Group surged 70.3 per cent during the morning trading session, prompting a query from the Singapore Exchange (SGX) about the "unusual price and volume movements".
In the afternoon, the packaged-food distributor's board replied that it was not aware of any information not previously announced which, if known, might explain the trading activity.
The board added it was not aware of any other possible explanation for the trading, and also confirmed its compliance with listing rules.
Before the SGX query, Hosen shares had jumped 2.6 cents or 70.3 per cent to 6.3 Singapore cents 11.45am. By the midday break, the counter had reached a five-year high of seven cents, up 89.2 per cent or 3.3 cents.
It was the fifth most traded by volume on the Singapore bourse as at 3.52pm on Thursday with 39.1 million shares changing hands. The shares were up 1.9 Singapore cents or 51.4 per cent to 5.6 cents by then.
The company imports, exports and distributes fast-moving consumer goods - specialising in packaged foods. Its brands include Hosen Quality, Hosen Select, Fortune, Highway and Sincero, to name a few.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
On Aug 5, the company posted a net profit of S$1.2 million for the six months ended June 30, 2020, nearly five times the S$235,000 a year ago.
Hosen's revenue was up 20.8 per cent on the year to S$40.5 million, from S$33.5 million. This was mainly due to higher demand of its products resulting from consumers stockpiling food during the "circuit-breaker" period in Singapore and the movement control order in Malaysia.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
SocGen Q1 profit slumps less than expected as investment bank surprises
Wall Street Journal moves Asia headquarters from Hong Kong to Singapore
Macquarie sees biggest profit dip in 15 years on commodities downturn
HSBC appoints ex-Citi banker as new Singapore head of global banking
H2G Green chief to stand trial on Aug 5 amid MOM probe
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct