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Massive trade of New Silkroutes probably an error: traders
ABOUT 51 million shares of New Silkroutes Group are believed to have been mistakenly matched at their pre-consolidation price of 1.5 Singapore cents at about 8.58am on Wednesday, market sources told The Business Times.
New Silkroutes, an energy, healthcare and technology company, began trading on Wednesday on a post-consolidated basis, after the company consolidated every 500 shares into one. The stock was trading at 52 Singapore cents as at 11.25am on Wednesday with 53.6 million shares having changed hands.
Traders said the massive trade was probably an error.
"Some people don't know how to calculate the new share price after consolidation," one trader said.
Asked about the matter, the Singapore Exchange said it was looking into it.