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Hot stock: Kingboard Copper share price rises 19.7% to hit decade high
CHINA-based copper foil producer Kingboard Copper Foil Holdings' shares were trading at a decade high on Monday.
The counter shot up by 7.5 Singapore cents, or 19.74 per cent, to S$0.455, on a volume of 40.4 million shares as at 3.05pm.
It last closed at this price in October 2007, while the share turnover is orders of magnitude above the 2,000 shares that changed hands on April 6.
Singapore Exchange Regulation hit the company with a query over the trading activity by around 2.30pm, calling attention to the "unusual volume movements" in Kingboard Copper shares.
Kingboard Copper was among the 20 stocks added to the FTSE ST Fledgling Index on March 19.
In April 2017, independent financial advisers and company independent directors had advised shareholders to reject a takeover-cum-privatisation offer at S$0.40 a share, which the advisers said was "not fair and not reasonable".
The offer came from Excel First Investments, a British Virgin Islands company owned by Hong Kong-listed Kingboard Laminates, which is in turn 72.59 per cent owned by Hong Kong's Kingboard Chemical.
Excel First holds a 79.83 per cent stake in Kingboard Copper, while Kingboard Chemical owns 2.48 per cent.