Property investment company Hong Fok Corp responds to SGX queries

The company denies knowledge of any information regarding a substantial increase in the price and volume of its shares, but discloses a potential property redevelopment along Orchard Road.

Hong Fok Corporation Limited refers to the queries from Singapore Exchange Securities Trading Limited dated 30 January 2012, regarding a substantial increase in the price and volume of the shares in the Company. The Company sets out below its responses to the queries of the SGXST.

Question 1: Are you aware of any information not previously announced concerning you (the issuer), your subsidiaries or associated companies which, if known, might explain the trading? If yes, the information must be announced immediately.

Response: The Company is not aware of any information not previously announced concerning the Company, its subsidiaries or associated companies which might explain the trading today. However, the Company and its subsidiaries (together, the “Group”) are constantly seeking to enhance shareholders’ value.

One of the possible opportunities that the Group is looking into would be the potential redevelopment and/or enhancement of its properties. In this regard, the Group is in the process of exploring such opportunities on a preliminary basis, including a property along Orchard Road owned by the Group for which provisional redevelopment permission has been granted to build a hotel on the existing car park block at the property.

There is no assurance whatsoever that these ongoing explorations, including the aforesaid provisional redevelopment permission will result in any definitive redevelopment and/or enhancement of the properties.

The Company will, in compliance with the Listing Manual of the SGX-ST, make the necessary announcement at the appropriate time. Accordingly, shareholders are advised to exercise caution in dealing with their shares.

Question 2: Are you aware of any other possible explanation for the trading?
Response: The Company is not aware of any other possible explanation for the trading.

Question 3: Can you confirm your compliance with the listing rules and, in particular, listing rule
703?
Response: The Company confirms its compliance with the listing rules, in particular, listing rule 703.  

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Tags: Hong Fok Corporation, Hong Fok Corporation trading, Hong Fok Corporation redevelopment projects