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Hot stock: No Signboard halts trading after 24% surge; SGX queries unusual activity
SEAFOOD restaurant operator No Signboard has halted trading in its shares, after the stock surged nearly 24 per cent on Wednesday and prompted a query from the Singapore Exchange (SGX).
Before the market closed for lunch on Wednesday, No Signboard's shares were trading higher by 23.97 per cent, or 2.9 Singapore cents, at S$0.15, after 1.37 million shares changed hands. The counter was previously trading around its 52-week low.
The unusual activity led to a trading query by SGX, which asked No Signboard if it was aware of any information or possible explanation for the unusual price movement. It has also asked No Signboard to confirm its compliance with Catalist listing rules.
At 12.30pm, No Signboard requested a trading halt pending an announcement.
No Signboard executive chairman and chief executive Sam Lim has been gradually increasing his stake in the company over the past year through an investment vehicle. Between Jan 10 and 11, privately held GuGong, in which Mr Lim holds a 93.64 per cent shareholding, bought 262,000 No Signboard shares for S$33,489, or about 12.78 Singapore cents apiece on average.
Mr Lim's acquisitions over the past 10 months have raised his total interest in No Signboard Holdings from 72.97 per cent in mid-March 2018 to 74.91 per cent.