Business Services Industry
Sinar Mas denies short selling in Singapore Bourse.
Indonesian Investment Highlights, October, 2000
An investment holding company, a subsidiary of the Sinar Mas group denined being vinvolved in short selling the shares of Golden Agri-Resources (GAR) in the Singapore bourse. The denial came following an announcement by Asia Food & Properties (AFP) that Massingham has bought 50 million pieces of GAR shares at US$15.1 million (30.25 cents per share) from AFP.
The deal came a surprise to many not only because of the price was 10% above the quotation price that day, but also as Massingham gave AFP the buy-back right after Sept. 27 at a price of 27.5 cents or less.
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