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Best World requests trading halt pending announcement; shares fall 17% in early session
BEST World International requested for a halt in the trading of its shares with immediate effect on Monday morning at 11.23am, pending an announcement.
Prior to Monday, shares in the skincare maker and distributor soared 171 per cent over the past 12 months, driven by strong growth in China, where it has moved away from an export business model to a franchise one.
However, its shares slid 54 Singapore cents or 16.6 per cent to S$2.71 on 8.69 million shares traded before trading was halted on Monday morning.
Best World has been queried by the Singapore Exchange (SGX) nine times since April 2016 for unusual trading activity, with the most recent being on Feb 7, when the counter gained 8.57 per cent in one day on no obvious news flow. In its response to the SGX after the market closed, Best World said that it was not aware of any information not previously announced that might explain the unusual price movement.