Hot stock: Creative shares down 15%
SHARES in mainboard-listed Creative Technology fell 15 per cent, or S$1.07 to S$6 apiece as at 1.54pm on Thursday, making it one of the top 20 losers on the Singapore bourse.
This comes after the news broke on Wednesday that co-founder Ng Kai Wa had disposed some of his shares in the company - cashing in on S$1.8 million in the process.
According to a Singapore Exchange (SGX) filing, Mr Ng sold 95,650 shares in the company on March 6, receiving S$868,799 from the transaction.
Earlier on March 5, he had also disposed 104,350 shares amounting to S$939,150.
This brings Mr Ng's stake in Creative to a total of about 2.1 million shares, or 3 per cent.
Shares in Creative hit a decade-high on March 5, reaching S$9.77 apiece in intraday trade, before closing at S$8.75.
This came on the back of bullish reports about its "3D audio" technology, which is expected to launch in the middle of this year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Stoxx ends lower as auto giants weigh; investors parse inflation data
US: Wall Street stocks fall as markets weigh strong wage data, Fed meeting
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
Singapore stocks rise, tracking regional bourses; STI up 0.3%
Asia: Markets build on Wall Street rally, yen holds bounce
Singapore shares open in the red on Tuesday; STI down 0.3%