Tuesday, April 30, 2013

Aussino Group, plunged by more than half

Shares of Singapore bed linen retailer, Aussino Group, plunged by more than half on the Singapore Exchange today.

Investors selling off on news SGX has rejected its application for a reverse takeover deal with a company linked to Myanmar tycoon, U Zaw Zaw.

Zaw Zaw is on the U.S. sanction list. 

Aussino's shares were down as much as 58 percent to S$0.071...after a trading halt was lifted.

That's its lowest since June last year.

Aussino had said last year that it will issue new shares to buy the energy business of the Max Myanmar Group.

The company had planned to operate petrol kiosks in Myanmar if the deal goes through.

Did big boys exit earlier? Like 2 month ago when it is at the high? If you are still holding on to this counter, right now there is nothing much you can do.