OKH Global requests trading halt after stock price dives

OKH Global opened trading on Wednesday morning at 52.5 Singapore cents before dropping to a low of 35 cents, after 548,000 shares changed hands. The unusual price movement prompted a query from the Singapore Exchange (SGX) at 10.48 am before the company requested a trading halt at 11.20 am.

In January this year, OKH Global said its CEO and executive chairman Bon Ween Foong had an Interpol notice issued against him.

The Red Notice from Interpol stated, among other things that Mr Bon is wanted by the Indonesian authorities in connection with a charge of "providing false statement for official document", OKH Global said.

The announcement also stated that Mr Bon had advised the company that he believed the Red Notice arose out of a commercial dispute that started in 2012 between Mr Bon (in his personal capacity) and a former business partner in Indonesia, in connection with a company known as PT Alliancz Asia Pacific.

OKH Global said it is not related to and has no interest in PT Alliancz Asia Pacific and is not involved in that dispute.

The investment holding company, which engages in property development and integrated construction activities in Singapore, had in February posted a net loss of S$2.1 million for the second quarter ended December. Revenue for the quarter was S$3.33 million, against S$230.2 million a year ago. Overall, the group registered a net loss of S$7.8 million in the first half of FY2016, due mainly to the absence of completed properties.

Source: Business Times, 17 Mar 2016