Look at who has been supporting Procurri's share price since its disastrous IPO debut!
It's none other than Mummy (Declout) herself!
Based on SGX's company announcements and disclosures by companies, Declout increased its holdings in Procurri to 47.3% from 46.5% through an open market purchase of 2 million shares for $1.1million, or an average of $0.525 per share.
See link below:
Declout increases stake in Procurri
We now have a possible explanation on why the (Procurri's) share price collapsed in the final hour of trading. "Mummy" probably gave up on the defence of the "daughter's" share price in the late afternoon of Day 1.
Declout's purchase is clearly illogical and borders on madness! Listing the daughter company (Procurri) and then buying back the shares on the very first day??!! Does Declout owe her shareholders an explanation on this?
Doesn't it have new businesses to fund?
Is there a better way for Declout to use its available funds?
So, be careful of yesterday's rebound on Day 2. It could be none other than a major shareholder supporting her own daugher's share price. In the short term, trade carefully!
