The Singapore Exchange Regulation (SGX RegCo) has issued a query to Boldtek Holdings at 2.46pm on April 6 after shares in the construction company surged to 11.1 cents around the same time.
The higher price represented a 54.2% hike from its last close price of 7.2 cents.
Boldtek has since issued a response that while it is unaware of any unannounced information concerning the company, it had received a substantial shareholders’ notification from its new shareholder, Twinkle Investment Pte Ltd.
SEE:Boldtek enters into joint venture with Neo Group to go into property business
Twinkle Investment had acquired some 15,238,300 shares in Boldtek via an off-market transaction. The number of shares represents some 8.21% of the total issued shares in the company, higher than the 5% stake threshold that requires shareholders to disclose their interest on SGX.
According to Boldtek, the company had intended to release the announcement after trading hours on April 6.
Twinkle Investment is owned by Neo Kah Kiat, the founder, chairman and CEO of Neo Group Limited, and his spouse Liew Oi Peng, Neo Group’s executive director.
Boldtek Holdings and Neo Group Limited, on Aug 28, 2020, established a joint venture company (JV Company) to develop, invest and manage property.
Shares in Boldtek closed 2 cents higher or 27.8% up at 9.2 cents on April 6.