China Environment replies to SGX query on price spike

CHINA Environment, which makes industrial waste gas treatment systems, has replied to a Singapore Exchange (SGX) query on unusual trading activity on Friday after prices rose 18.7 per cent, or 3.7 Singapore cents, to 23.5 cents. Some 115.4 million shares were traded.

The company said on Monday that it was not aware of information not previously announced that might explain the Friday trading.

However, substantial shareholders Prosper Big International Limited (owned by executive chairman Huang Min), Ma Ong Kee and Dharma Rustam Winata have acquired one million shares each from the open market on Friday, it said.

Prosper Big and Mr Ma bought their shares at an average price of 24.5 cents each. Mr Winata bought his shares at an average price of 23.8 cents.

The company announced the completion of a placement of new ordinary shares and warrants earlier this month to GlobalWin International Consultants, which is owned by Mr Winata.

Proceeds of around S$15 million will be used for working capital purposes, like the purchase of raw materials, settling general overheads, and other operating expenses, the company had said.

After the placement, the company has 808 million shares in issue.