Frontken Corp Bhd saw a block of 27.6m shares crossed at 47.6 sen late Friday, which was a hefty premium of nearly 700% above the market price. Stock market data showed the 2.72% stake, which was transacted in an off-market deal at 47.6 sen, was 41.1 sen above the current market price of 6.5 sen. The company, involved in advanced surface engineering technologies such as thermal spray coating, PTA overlay, electroless plating and dry-film lubrication, was in the news last month when it informed the stock exchange of potential accounting irregularities noted in one of its subsidiaries. (Starbiz)
some idiots bought at 47.6 sens when they can buy from the market at 6.5 sens. is a SCAM to goreng and run. why BURSA is not checking the logic behind it. in the first place, are companies allowed to place out the shares at 700% premium ? is there a control over this kind of manipulation by shareholders and cronies to conned the market ?
since the transaction is done at 47 sens, the stock would still have a long way UP from today's closing at 8 sens. great profit if it can go to 30 sens. even at 16 sens, you can make 100% ROI. banks only give 3+ % interest per annum. EPF give 6+ % per annum. FRONTKN gives POTENTIALLY 100% in less than a month.
Funny, front&end, there are accumulation but the price is not bullish at all to be consistent with volume accumulated. Could be in respond to off market transactions as volume is not comparable to historic high.
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dragonking
3,496 posts
Posted by dragonking > 2013-01-14 16:37 | Report Abuse
new factory coming upstream