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May day! May day! Will someone pls put out the fire? OHL??
Those who short will be $loaded$
Those who short will be $loaded$
Looks like rebounding is unlikely, lets see how much it will end today!
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| SINGAPORE (XFN-ASIA) - Shares in electronics waste recycler Citiraya Industries slumped when trading in them resumed after a 19-month suspension as the stock is considered grossly overvalued, dealers said. At 11.21 am, Citiraya was down 0.875 sgd or 81.02 pct at 0.205 compared to its pre-suspension price of 1.08. It was the most actively traded stock with a hefty 362.02 mln shares exchanged. The Straits Times index was up 1.54 points at 2,594.81. The trading resumption followed Citiraya shareholders' approval of a plan to restructure the company, which includes issuing and allocating 1.90 bln new shares, equivalent to 75 pct of its enlarged capital, to Equation Corp (formerly Heshe Holdings) and Oei Hong Leong Foundation for 16.01 mln sgd or 0.008485 sgd per share. "At the current price, market cap is about 500 mln sgd, which is outrageous. Fundamentally, the stock should be worth less than 0.10 sgd, " a dealer at a local brokerage said. "There is a lot of speculation now but I believe it will eventually drop to 0.10 sgd in a few weeks," he said. Trading in Citiraya was suspended in January last year at the start of a criminal investigation of senior officials of the company. Subsequently, its assistant general manager, Ng Teck Boon, was sentenced to eight years in prison for corruption. Ng was convicted in connection with a 1.82 mln sgd scam in which he bribed staff working with customers of Citiraya. The bribes were part of a ploy to divert unwanted electronic scrap to Citiraya so that the firm could resell it in other markets. | ||||||||
Equation & OHL paid less than 1ct for each share ie 0.8cts.........
70m shares done at 20c and below. Could rebound later!
hi Nostradamus Elite ,
We should treat this as from zero starting and is a 1st day trading ! I still think your calculation is most accurate at 8.5c ($0.0085)and we can assume this is the initial par value and when diluted after post offering at $0.2, maybe it is reasonable to leverage around this level now ! What do the rest of you think. Please share your comments !
wah liew eh... now below Equation
It's not valuation. Equation and OHL paid $16.1m for nearly 1.9b shares. They've injected a few million more. So total around $20. That's around $0.10 per share.
A sad sad fate to such a company.... many people going be a very depressed today.
I hope nobody in Sharejunction affected badly.
I hope nobody in Sharejunction affected badly.
lower than Equation. Just cannot believe it.
going below 21c liao!!!
Volume is HUGE. Going to break record of around 300m. Maybe hit 400m today.
So if their valuation is 8.5c , shouldnt it trade around 10c ++???
Equation and OHL paid around 8.5 cents a share. Still made a big profit.
RED RED RED RED DAY for .......$0.19c liao
Plenty of shortise here today ma-king alot of $$$. It is a king day for SHORTISE going for the killing in...... :)))>>>$$$$
For those who short from 40c to 20c , wow can go starbucks drink kopi!!!
Do some home work and find out at what px big boys bot into this stock before it open for business, then U will know even at this px. It is still very big, biggest profit to them.