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Hot stock: Wilmar up 7% at midday break, prompting SGX query

THE Singapore Exchange (SGX) on Tuesday flagged "unusual price movements" in the shares of agrifood group Wilmar International.

The counter was up 7 per cent or S$0.27 to S$4.15 as at 12.52pm. Some 11.1 million shares had changed hands by then, making it the second most heavily traded stock among the index securities.

As at 2.57pm, Wilmar shares were trading at S$4.19, up S$0.31 or 8 per cent, though the counter is still below its 52-week high of S$4.38. 

On Tuesday morning, the bourse operator had asked the company whether it was aware of any possible explanation for its trading activity.

Separately, Wilmar on Tuesday afternoon said its 99.99 per cent-owned subsidiary, Yihai Kerry Arawana Holdings Co (YKA), has submitted an updated prospectus to the Shenzhen Stock Exchange for its review and approval. It added that work on the proposed listing is still in progress and that there is no assurance that the proposed listing will proceed.

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At 2.36pm on Tuesday, Wilmar responded to SGX's query, stating that besides the acceptance and posting of YKA's updated prospectus on the website of the Shenzhen Stock Exchange ChiNext Board on Monday, the company is not aware of any information not previously announced which might explain the trading. 

This acceptance and posting process follows the earlier submission made by YKA in July 2019 of its listing application and prospectus to the China Securities Regulatory Commission, Wilmar said. 

In November last year, Reuters reported that Wilmar had hoped to receive regulatory approval for the initial public offering of its China business in early-2020.

Reuters said then that the company, which was valued at more than US$19 billion, had announced its intention to list the business in 2017, after having shelved plans for a roughly US$3 billion listing of its Chinese unit in Hong Kong back in 2009.

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