Sheng Siong: (S$1.14) Aggressive price action; strategic shareholder emerging?
-Share price climbed almost 12% since start of the week
- Responding to queries whether Sheng Siong has received any shareholder offers have any inkling on who is buying their shares so aggressively, management indicated that it is not aware of the reason for the spike.
-Given Sheng Siong’s status as a defensive stock, unlikely is funds buying
- Since share price broke out of the consolidation range on 21 Jul, the volume has churned 89m shares or 5.9% of issued shares but no significant buyer has surfaced yet. What would be interesting if there is a corporation that is buying for strategic reasons.
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