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SunMoon shares resume trading on Wednesday

FRUIT distributor and food ingredients maker SunMoon Food Company will resume trading on Wednesday after the counter was halted a month ago and then suspended from trading.

Talks between the company and the Securities Industry Council (SIC) have concluded and major shareholder First Alverstone Capital will sell 14 million shares at 4 Singapore cents a share as announced earlier, reducing its stake from 29.7 per cent to 25.3 per cent, the company said.

After that, no further actions are required arising from the consultations regarding issues under the Singapore Code of Takeovers and Mergers, SunMoon said.

First Alverstone had been queried by the Monetary Authority of Singapore and consulted with the SIC on the issues raised. It suspended trading in its shares to avoid market speculation while consultations were taking place.

The issues have to do with a few transactions made by First Alverstone on Sep 18 that eventually increased its stake from 17.5 per cent to 29.7 per cent.

SunMoon shares last traded at 5.2 cents on Oct 5.