After the heavy sell down of Keppel T&T yesterday, let’s digest some news from The Straits Times today:
CIMB-GK: There were rumours circulating that there was ‘force selling of a major shareholder’s stake’.
Dealer said that this could have been due to margin call.
Keppel T&T biggest shareholder is KepCorp with 80.27% stake, next is Kapital Asia with 9.19%. (Very small free float in the market, barely exceed 10% only!)
What aggravated the steep drop in Keppel T&T price was a lack of demand for the shares.
It came as a shock to many investors that a well-run company like Keppel T&T could be the subject of such a ferocious bear raid.
There are 2 forum members telling the rumours at CNA.
What happen yesterday on Keppel T&T reminded me on Dayen force selling not long ago.
KepCorp is unlikely to face margin call. Now the limelight shall be on Kapital Asia.
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