SINGAPORE: Shares of Singapore's Centurion Corp Ltd , formerly known as SM Summit, fell as much as 27.6 percent on Tuesday, on the first trading day since its suspension after the placement of new shares following a reverse take over.
At 0216 GMT, shares of Centurion, which own dormitory assets, were 24 percent lower at S$0.22, following a trading suspension since August 4. Over 12.6 million shares changed hands, 59.6 times its average daily volume over the last five sessions.
Centurion said on Monday it had sold 100 million shares at S$0.21 each in a compliance placement, following a reverse takeover of SM Summit.
"The share price now is actually above its placement price, which shows there is pretty firm demand for the stock," said a local trader.
Centurion said it is in discussions with potential partners to tap into the workers dormitory sector in China, where manufacturing remains a core driver for economic growth.
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