Sunway shares dive on death

Shares in newly listed Sunway International Holdings have plunged more than 27 per cent on news of the death of its chairman in a fire at the company's Fujian headquarters.

Sunway said Wong Choi-fung was found dead in a residential area of the electronic-component manufacturer's headquarters after the fire early yesterday morning.

An investigation was under way, a company spokesman said, and it was not known whether the blaze was an accident or deliberate.

The news drove the counter's price down 57.5 cents, or 27.71 per cent, to $1.50. It was heavily traded, with 51.92 million shares changing hands. This represents about 3.43 times average daily turnover, or about 5.19 per cent of issued shares.

Sunway raised about $315 million through a dual listing in Hong Kong and Singapore on September 3.

The company manufactures components for calculators and clocks, as well as liquid crystal displays.

The counter last Friday surged to an intra-day record high of $2.175, up 72.61 per cent compared with its $1.26 offering price.