Nam Cheong tumbles to five-year low on US$10m claims from OCBC

Singapore

SHARES in Nam Cheong fell to a five-year low after it emerged from a trading halt on Wednesday, following news released overnight of a writ of summons issued on OCBC Bank's claims against the listed offshore and marine (O&M) group and its subsidiary.

Nam Cheong's share price dived to a five-year low of 1.6 Singapore cents, paring gains from its last spike in late May, before recovering some ground to hit an intra-day high of 2.2 Singapore cents. It closed at 2.1 Singapore cents on Wednesday, down 0.6 Singapore cent.