Finally, a vote of confidence from the Thai substantial shareholder. Soleado, a wholly-owned subsidiary of Thoresen Thai Agencies, bought 850,000 shares on Tuesday, March 24, @ 28.5 cents apiece. Total cost: S$242,250
The 2 rounds of buying by the Thai substantial shareholders have injected much-needed confidence in the shares. I would guess that the Thai *(and CEO Huang) have a sharp idea of the progress and likelihood of the IPO of Garden Fresh. They could even have estimated the special dividend that could be paid out to Sino Grandness shareholders. If the IPO does go through, it is good. So far the company has not given us a more definitive picture of the progress of the IPO work. It's something that needs to be addressed by the company. Otherwise, privileged folks could be enjoying an opportunity to buy at 30 cents what could eventually be 70 cents.