Sino Grandness served Letter of Demand


By Soledo Holdings dd Jan 8, 2019, (Tuesday).
Soledo is a shareholder, business associate n lender to Sino Grandness.
It’s surprising why this significant event was not immediately notified to the Stock Exchange?
There was a lull of silence until following Monday, 14 Jan. 2019 before the Stock Exchange issued a Query at around 9.10 am. Sino Grandness then requested a trading halt at 10.24 am, again without disclosing the material event that had happened, which presumably, caused the price plunge that morning. According to BT report, some 4.2 million shares had changed hand that morning period. The average traded shares over the previous 3 months was only 330,000 shares. The price plunged to 11.7 cts or 12.7% before trading halt.
Before this, the price had plunged to 13.4 cts on previous Friday close.
Retail investors were caught off-guard badly by this behavior of Sino Grandness. Meantime, those who might be in the know from other sources had traded off their shares from 8, Jan to 14, Jan.
The question now is - Is this an exemplary behavior from a mainboard-listed company?
Is there a case to raise this issue by shareholders in the next AGM?
The official response by Sino Grandness to SGX Query dd 14, Jan was posted in SGX on the 16, Jan, after the close of market.
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