SINGAPORE (Apr 23): Food products company United Food Holdings was the best-performing counter on the Singapore Exchange last year, rising 1,132.1% to close at 34.5 cents on Dec 29. The stock has not done as well this year, however, closing on April 17 at 24 cents, down 31.4% so far this year. That is slightly below its book value per share of RMB1.18 as at end-December.

Shares in United Food spiked last year after the company announced in January a placement of 22 million new shares at 3.8 cents each to two private investors. Christine Mak bought 14.3 million shares, giving her a 10.8% stake at the time. Ip Ka Kit bought 7.7 million shares, giving him a 5.8% stake in the company. According to United Food’s announcement, Mak and Ip were introduced to the company by its non-executive chairman Song Yanan.

The placement was completed on Feb 20, 2017. By then, the shares had gained as much as 383.3% to close at 14.5 cents. On paper, Mak and Ip were sitting on a 281.6% gain.

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