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Hot stock: Under-investigation Pacific Andes, China Fishery down by over 50%

Friday, August 21, 2015 - 11:23
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Mr Ng Joo Siang, CEO of industrial fishing firm China Fishery.

PACIFIC Andes Resources Development and its subsidiary, China Fishery Group, fell more than 50 per cent after they lifted their trading halt on Friday.

This came a day after the two companies announced to the market that they are being investigated by regulators for an offence under the Securities and Futures Act.

The regulators are the Monetary Authority of Singapore and white-collar crime busters Commercial Affairs Department.

Pacific Andes' business is in seafood trading and ocean logistics. It owns 70 per cent of China Fishery, whose business is in upstream fishing and fishmeal production.

As at 10.59am, Pacific Andes was down 52.4 per cent to S$0.02, while China Fishery lost 54.2 per cent to S$0.065.

About 85.6 million Pacifc Andes shares had changed hands, while 28.8 million China Fishery shares had traded.

Pacific Andes was the most active stock on the market, while China Fishery was the fifth most actively traded.

In an announcement late on Thursday night, Pacific Andes said it had received a notice on Aug 18 requiring it to provide to both government agencies information and documents relating to its dealings with certain third parties - one of whom is its trading party - from Oct 1, 2011, till now.

Both agencies have also requested for information from Hong Kong-listed Pacific Andes International Holdings.

"The business and operations of the group are not affected by the investigations and will continue as normal," it reassured. "The company has extended and will continue to extend its full co-operation to the investigations and make such further announcements as required."