OKH Global nosedives on forced sale of CEO's pledged shares
Price falls nearly 80% in Monday plunge; financial institutions sell about 120m of CEO's pledged shares
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Singapore
THE rapid descent of OKH Global's stock had confounded market observers on Monday but an announcement later in the evening that close to 120 million shares pledged by its chief executive officer were force-sold shed light on the counter's nearly 80 per cent drop.
According to filings to the Singapore Exchange, some 119.8 million of pledged OKH shares or deemed interest held by the property developer's executive chairman and CEO Bon Ween Foong were force-sold by "some" financial institutions, resulting in a drop in its share price.
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