Tuesday, 2 April 2013

Frontken shares sold at 8 times the market price

Article in The Edge Malaysia highlighting that a block of 28 million shares in Frontken was transacted at 47.6 sen off-market, while the market price was 6 sen. In other words about 8 times the current price, very steep and unusual.

Most likely the shares are held by OCBC Capital Investment, and the transaction has to do with the court case where OCBC won its appeal, as reported here.

On another note, this announcement mentions several financial irregularities of around RM 9 million involving one of Frontken's subsidiaries. Bad news for the investors who have already been suffering for a long time.

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