Shares in Singamas Container Holdings have fallen sharply after it dismissed rumours red chip Cosco Pacific was interested in buying a stake. Since resuming trading two days ago, the counter has lost 34 per cent to close at 81 cents yesterday, wiping out a 36 per cent one-day gain as the Cosco rumour spread. After the company's annual general meeting yesterday, chief executive Teo Siong-seng said the company had no intention of issuing shares to Cosco and confirmed Cosco had not contacted it with a view to making a purchase. Singamas underwent a 10-day suspension while regulatory authorities investigated volatility in its share price. Company secretary Sylvia Tam Shuk-ping said Singamas was in talks with a few dry freight container manufacturers in China to explore the possibility of using their production facilities. 'With the support of local container manufacturers, we want to expand our sales network to various cities,' she said. The company has a dry freight container factory in Shanghai. Ms Tam said if the company received orders from southern China, it would be more cost-effective to produce the containers in the nearest city.