Magnus Energy tops active counters on conversion of toxic bonds

Singapore

SHARES in oil and gas equipment distributor Magnus Energy doubled in price in active trading on Tuesday, as some of its apparently toxic convertible notes were converted to shares below market price.

With some 525 million shares changing hands, the stock topped the list of most active counters on the Singapore Exchange (SGX). The unusual trading activity also prompted an SGX query at 10.30am - the second it has issued in the past three months.