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On 11 June, the company announced to the SGX that its CEO has raised his stake from zero to 6.5% by buying shares in an off-market transaction. His purchase price was 11 cents. Ever since then, the share price has been climbing by 1 cent or 1.5 cent a day. It closed at 17 cents yesterday.
Oriental Food is the food industry with peanuts being its main produce in China. Its main markets are Japan, Singapore and China. Strangely its full year 2006 earnings were 77% lower than in 2005. In the results announcement in February 2007, management only indicated that the company will remain profitable in 2007. But the fact that the CEO build up a 6.5% stake from zero just before June 11 suggests that something interesting may be about to brew. .
Let's see how Oriental Food goes. It could be like Superbowl. One of its directors bought shares in the open market for 22.5 cents just a couple of weeks ago and now Superbowl is trading around 36 to 37 cents. In the case of Superbowl, the play is on enbloc sales of the buildings in which Superbowl owns a substantial portion of the built in space.
http://info.sgx.com/webcorannc.nsf/560dd4b031b97d27482571b20043d38c/cbd968c24a3cfcec482572ed000a5f2d?OpenDocument
http://info.sgx.com/webcorannc.nsf/560dd4b031b97d27482571b20043d38c/0f85de88af6a8d9c482572f40021778c?OpenDocument