Hanwell Holdings, in an evening filing on June 11, announced that a significant shareholder and former director Dr. Tang Cheuk Chee, has disposed of 68 million shares for a total consideration of $28.56 million, or 42 cents per share.

The number of shares disposed represents some 12.29% of Hanwell’s total stake of 553,415,746 shares issued.

Hanwell says it is waiting for Tang’s Forms 3 and C.

The announcement came after the Singapore Exchange Regulation (SGX RegCo) issued a query to the company at 9.36am on the same day.

The query came as shares in Hanwell surged to an intra-day high of 48.8 cents, 14.82% higher than its last-closed share price of 42.5 cents.

Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

Shares in Hanwell closed 3 cents higher or 7.1% up at 45.5 cents on June 11.

Photo: Samuel Isaac Chua/The Edge Singapore