SGX urges caution on trading in 2 firms' shares

SINGAPORE Exchange (SGX) has raised the red flag on recent trading activities in the shares of two companies, namely integrated contract manufacturer Giken Sakata and raw materials supplier Ziwo Holdings.

Giken, in response to an SGX query on Tuesday on the substantial increase in its share price by 61.7 per cent between March 10 and 11, said its substantial shareholder Miyoshi Precision had on Tuesday sold its entire shareholding of 69.9 million shares in Giken, at 5.4 cents apiece.

The price, based on the volume-weighted average price of 5.96 cents for trades done in the five business days immediately before the sale, represents a discount to the closing price of 9.2 cents on Tuesday, after Giken's shares soared by 41.5 per cent.