VERTEX SHARES DIVE ON RUMOURS OF SFC PROBE
Shares of digital media firm Vertex Communications & Technology Group slumped 19.44 per cent yesterday on rumours the securities watchdog was looking into the wild swing of its share price over the past week.
The stock closed 14 cents lower at 58 cents in hectic trading that saw 37.04 million shares worth $21.68 million changing hands.
The stock price had been volatile - ranging from 14.8 cents to $1.18 - since the announcement on March 29 of a sketchy joint venture with mainland power producer China Power International Holding that would challenge Hong Kong's two electricity providers.
Brokers said rumours spread over the past two days that the volatility had sparked an investigation by the Securities and Futures Commission.
A Vertex spokesman said the company was unaware of any probe while the commission declined to comment. Denise Tsang
