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SIAEC says unaware of reasons for stock price fall
SIA Engineering Company (SIAEC) said on Wednesday that it was unaware of any reasons which could explain its trading activity, save for a Bloomberg report that JP Morgan was looking to rid its entire 38.9 million shares in the company.
"According to a report from Bloomberg today, JP Morgan has offered to sell its entire stake of 38.9 million shares in the company. Apart from this, the company is not aware of any other possible explanation for the trading."
Early Wednesday, shares of SIAEC fell to S$3.15, their lowest since January 2010, on news that JP Morgan was selling 38.9 million shares in the aircraft maintenance, repair and overhaul (MRO) services provider at a price range of S$3.11 to S$3.30 a share.
The shares eventually closed at S$3.21, down 25 Singapore cents or 7.23 per cent, on more than 10 million traded.