Hot stock: SIIC drops 10.5% after director pares stake

SHARES of water treatment specialist SIIC Environment Holdings fell 10.5 per cent early Friday as a large bloc of shares changed hands less than an hour after the market opened.

Some 660 million shares changed hands at about 14.9 Singapore cents apiece at 9.41am, according to data from ShareInvestor.com.

The company announced before the market opened that executive director Yang Changmin had sold about two-fifths of his shares.

Mr Yang cut his stake to 0.79 per cent, from 1.46 per cent, after selling 50 million shares at 17.1 Singapore cents apiece on Nov 26 as part of a sale and purchase agreement on that day.

SIIC shares fell 1.7 Singapore cents to trade at 14.5 Singapore cents as at 10.01am. The 699.3 million shares that had traded made SIIC the most active counter in the morning.