Golden Energy closes below placement price

Singapore

SHARES of coal miner Golden Energy and Resources, the new entity that emerged from a reverse takeover, on Monday closed its first day of trading below the S$0.67 price of a placement that was carried out to restore the required public float for listing.

Trading had been suspended since April 23, 2015, because of a lack of an adequate public float after the reverse takeover of United Fiber System. Under Singapore Exchange's rules, 10 per cent of a listed company here must have shares in public hands.