CHINESE medicine retailer Tung Fong Hung (Holdings), which is making a hostile takeover bid for competitor Nam Pei Hong (Holdings), has seen its share price double in the past few weeks.
Tung Fong Hung's share price stood at 62 cents on July 24, but it has since surged, closing at $1.50 yesterday.
The big upswing in price has led to repeated requests from the stock exchange for an explanation.
On August 10, the company issued a statement saying it was not holding discussions to buy or sell businesses or assets.
This followed an 8.5 per cent rise in the share price to a three-month high of 89 cents.
About 27.7 million shares were traded, almost nine times the daily average since April.
'These things [sudden increases in share price] don't go unnoticed by us. But we cannot comment specifically on each company,' Bill Weeks, spokesman for the Securities and Futures Commission, said.
