Thailand’s stock exchange halted on Monday trading in shares of industrial estate developer Hemaraj Land and Development PCL and WHA Corp after both companies failed to clarify a news report about a possible acquisition.
Trading in shares of industrial estate firm Hemeraj Land and Development PCL and WHA Corp were halted yesterday (Monday) by the Stock Exchange of Thailand after both companies failed to comment on media reports about an alleged acquisition.
On Monday one local newspaper reported that WHA was in talks to acquire a listed company with market value of about THB50 billion. That report sparked speculation the target was Hemaraj, and its shares rose to a 19-month high in early trade yesterday.
Commenting in an email to new agency Reuters, Hemaraj President and Chief Executive David Nardone said the company “has no news to report”.
Shares in the real estate developer have jumped 15 percent in three months largely on the expectation the company will benefit from the military government’s drive to promote investment.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
