Photo: The Edge Singapore
Shares in No Signboard opened on May 20 at 7.4 cents, 17.5% higher than the Catalist-listed counter’s last closed price of 6.3 cents on May 19.
During the day, shares in No Signboard were among the top 10 highest traded counters with 21.56 million shares changed hands as at 12.30pm.
The surge in share price came about after No Signboard, on May 20, announced that it has a new controlling shareholder of the company.
SEE:No Signboard CEO arrested and on bail for possible breach of Securities and Futures Act
No Signboard’s controlling shareholder, Gugong, on May 19, entered into a sale and purchase agreement with Su Haijin for the sale of 20% of the shares it holds, at 7 cents apiece for a total consideration of $6.5 million.
As at May 20, Gugong holds a total of 346,378,475 shares, representing around 74.91% of the company’s existing issued share capital.
Following the completion of the agreement, Gugong will have a stake of 54.91% in the company.
Under the terms of the agreement, Su Haijin will have the right to appoint up to two people to the board subject to the endorsement of the company’s nominating committee.
Su is a businessman with business interests in Singapore. He is not related to Gugong or any substantial shareholder within the company.
As at 12.34pm, shares in No Signboard are trading 0.9 cent higher or 14.3% up at 7.2 cents.
