Hoe Leong's free float restored, trading to resume Aug 6

HEAVY equipment maker Hoe Leong Corporation has restored its free float to above 10 per cent, as required under the listing rules, with trading of its shares to resume from 9 am on Aug 6.

This follows the company's May 9 announcement that its public float fell below 10 per cent to 7.33 per cent, allowing the Singapore Exchange to suspend trading in its shares.

Hoe Leong Co and RHB Bank Berhad, two of the company's substantial shareholders, entered a sale and purchase agreement for 27.5 million shares. Following the sale, RHB's shareholding has fallen to 4.999 per cent and it has ceased to be a substantial shareholder. The company's free float has increased to 12.3 per cent.

Hoe Leong advised shareholders and investors to exercise caution when dealing in its shares.