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SING is now trading at Rs1,750, down from Rs4,000 on 7th April 2011. This highlights the high risk and danger involved in chasing after illiquid shares - when the music is playing, all are smiling and having fun, but when the music stops, things can get very ugly.
Ironically, the SING share is still probably overvalued even though it has fallen over 50% since 7th April.
Extracts from previous post on SING:
http://forum.srilankaequity.com/t2506-why-sing
Re: WHY SING??????
cse.alpha on Thu Apr 07, 2011 12:52 pm
Apart from colourful legal adventures, takeover attempts and pending rights issue (since Feb 2010), SING is basically a loss-making 'shell' company - only asset is land and warehouse in Ranala.
CSE listed shell companies are of course popular vehicles for 'back-door' listings - see GREG and CSEC for example.
Not clear when SING land was last revalued or exact extent, but may not boost net book value from current Rs 54 per share to defend current share price of Rs 4,000
Only 1.38 mn shares in issue, with only 2,500 shares needed to enter Top 20 shareholders - a manipulator's paradise, but genuine investor's should be careful.
Ironically, the SING share is still probably overvalued even though it has fallen over 50% since 7th April.
Extracts from previous post on SING:
http://forum.srilankaequity.com/t2506-why-sing
Re: WHY SING??????
cse.alpha on Thu Apr 07, 2011 12:52 pm
Apart from colourful legal adventures, takeover attempts and pending rights issue (since Feb 2010), SING is basically a loss-making 'shell' company - only asset is land and warehouse in Ranala.
CSE listed shell companies are of course popular vehicles for 'back-door' listings - see GREG and CSEC for example.
Not clear when SING land was last revalued or exact extent, but may not boost net book value from current Rs 54 per share to defend current share price of Rs 4,000
Only 1.38 mn shares in issue, with only 2,500 shares needed to enter Top 20 shareholders - a manipulator's paradise, but genuine investor's should be careful.
Last edited by Quibit on Mon Apr 18, 2011 2:37 pm; edited 1 time in total (Reason for editing : format condensed)
