Did Samudera Shipping Line satisfy its disclosure obligations on profit guidance?
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Tay Peck Gek
THE share price of Samudera Shipping Line shot up by 42 per cent to S$1.15 over a period of less than 2 weeks between Jul 13 and 25, before it announced its half-yearly profit 2 days later.
The counter’s spectacular performance attracted a query from the regulatory unit of the Singapore Exchange (SGX) on Jul 21, when its share price rose 9.1 per cent on trading volume that had trebled from the previous day. SGX Regulation (SGX RegCo) queried the Indonesia-based carrier near market closing.
In contrast, the Straits Times Index eked out a gain of 1.7 per cent in the Jul 13-25 period, and clocked a decline of 0.6 per cent the day Samudera was quizzed for its “unusual price movements”.
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