Shares in Wilmar International dropped over 7% to $4.295 at 10.14am, less than an hour after its 89.88%-owned subsidiary Yihai Kerry Arawana (YKA) made its debut on China’s Shenzhen Stock Exchange ChiNext Board.
See: Wilmar subsidiary IPO shares to commence trading on Oct 15
The “unusual movement” triggered a query from the Singapore Exchange Regulation (SGX RegCo) at 11.08am asking if Wilmar was aware of any possible explanation behind the drop.
The market regulator also asked the group to confirm its compliance with the listing rules, noting that this is the second query issued in the past four months.
Wilmar, at 12.15pm, responded that the increased volume in trading activities may be attributable to YKA’s China IPO, but gave no explanation for the drop in share price.
Wilmar was among the top two most-traded shares in terms of volume, behind Jiutian Chemical as at 12.52pm.
Its shares also made it to the top three decliners, behind Venture Corporation and Jardine Matheson Holdings.
As at 12.52pm, shares in Wilmar were trading 25 cents lower or 5.4% down at $4.41.
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