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Hot stock: New Wave shares slide 6.7% in early trading

SHARES in New Wave Holdings have fallen by as much as 6.7 per cent or S$0.001 to S$0.014 as at 10.33am on Tuesday.

The fall in stock price comes after New Wave received, on Monday, news that no bids were received at the close of the Jalan Besar Plaza en bloc tender. New Wave owns office space and houses its wholly owned subsidiary General Electronics & Instrumentation Corporation (GEIC) in the building.

However, New Wave noted that the property had received interest from an unnamed developer on Nov 10.

The investment holding company, which engages mainly in the distribution of aluminium products and components in Singapore, Malaysia and China, also informed shareholders that Huttons Asia Pte Ltd - the marketing agent of the tender exercise - will follow up on this, along with any other potential buyers that have expressed interest in the purchase of the development.

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It said that the property was "still in a position to enter into a private contract with a purchaser within 10 weeks after the close of the public tender exercise".

On Oct 20, New Wave received a voluntary conditional cash offer from Fragrance Group's chief executive Koh Wee Meng at S$0.013 per share.

The offer by Mr Koh - through JK Global Assets Pte Ltd - represents a premium of about 44.4 per cent over the company's closing price of S$0.009 as at Oct 19, 2017

He is the sole shareholder and director of the company.

The offer was announced on Oct 27 and will close at 5.30pm on Nov 30, 2017.