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Hot stock: Midas not aware of information that could explain stock's 7.8% drop

MAINBOARD-LISTED Midas Holdings told the Singapore Exchange (SGX) on Friday that it was not aware of any information that could explain the heavy selling in its stock over the morning.

Shares of the aluminium alloy company entered into the mid-day break at S$0.142, down 7.8 per cent or 1.2 Singapore cents on the day. Midas opened trading at S$0.15 and fell to a low of S$0.135 at about 9.45am. As at 12.20, the stock's indicative price remained at S$0.142.

About 23.2 million shares had traded in the morning session, making Midas one of the most active stocks on SGX on Friday morning.

The unusual trading activity prompted a query from SGX.

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In response, Midas said that it was not aware of any information, disclosed or otherwise, that could explain the trading in its stock.

On Thursday, Midas announced in a filing that holders of its US$30 million of 7 per cent notes due Nov 23, 2017 have agreed to extend the maturity date by a year, to Nov 23, 2018.

Midas also recently posted a 6.6 per cent rise in net profit to 24.05 million yuan (S$4.9 million) for its third quarter ended Sept 30. This came on the back of a 11.5 per cent increase in revenue to 458.5 million yuan, boosted by stronger performance by its aluminium alloy extruded products division.