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Hot stock: Rich Capital shares up 33.3% to 0.8 Singapore cent in early session
SHARES in Catalist-listed Rich Capital Holdings are on a tear, gaining some 33.3 per cent during Thursday's early session, with the stock advancing 0.2 Singapore cent to 0.8 Singapore cent before the midday break.
Stocks in Rich Capital, formerly known as Infinio Group after shareholders approved a name change in March for its diversification into the property business, was the Singapore bourse's most heavily traded stock with some 40.6 million shares changing hands.
The gain came while most market counters were down on the day.
Between October and November, Rich Capital substantial shareholder Lim Soon Fang undertook three transactions for the sale and purchase of the company's shares.
On Oct 26, Mr Lim sold 11 million shares on the open market for S$88,000 or an average per-share price of 0.8 Singapore cent.
But through an off-market transaction on Nov 21, Mr Lim purchased 150 million shares in Rich Capital for S$1.05 million or an average per-share price of 0.7 Singapore cent. On Nov 29, he purchased a further 29.3 million shares from the open market for S$205,101 for an average per-share price of 0.7 Singapore cent.
As a result of the transactions, Mr Lim is deemed to have interest in 1.37 billion shares or 18.67 per cent of voting shares in the company, which are held by Maybank Kim Eng Securities. He has a direct interest in 50.8 million shares or 0.69 per cent of voting shares, which are also held by Maybank Kim Eng. The total stake represents 19.4 per cent of all voting shares in the company.
Mr Lim first emerged as a shareholder of Infinio in January, taking a 6.8 per cent stake through a married deal. The then 171.8 million share stake was purchased for S$171,750 or an average per-share price of 0.1 Singapore cent.
Mr Lim is neither a member of Rich Capital’s management nor a member of the board.
Shares in Rich Capital closed on Dec 5 at 0.6 Singapore cent.