UEM Sells 3.4 Million Shares In Puncak Niaga

On the Edge Financial Daily. Utilico Emerging Markets sell 3.4m Puncak shares

• KUALA LUMPUR: Puncak Niaga Holdings Bhd, whose share price had rallied recently, saw a foreign fund, Utilico Emerging Markets Ltd disposing of 3.4 million shares on June 11 and 12.
  
  A filing with Bursa Malaysia showed the Bermuda-registered fund had sold two million shares on June 11 and 1.4 million shares the next day in the open market.
  
  The recent disposal of the 0.83% stake saw its shareholding reduced to 30.69 million shares or 7.5%.
  
  Puncak closed at RM3.18 on June 11 and at RM3.24 the next day.

Last line caught my attention.

Here is Utilico Emerging Markets or UEM website. http://www.uem.bm/

Anyway, I thought I take a peep at how Puncak Niaga had been trading.

Hmmm.... what irony. As can be seen from the above two charts, the two days where Utilico disposed their Puncak shares, the traded volume of Puncak Niaga suddenly spiked up!

Yeah, the Edge Financial Daily should have said that Puncak shares rallied strongly on both days Utilico dispose their shares instead of saying 'Puncak Niaga Holdings Bhd, whose share price had rallied recently, saw a foreign fund, Utilico Emerging Markets Ltd disposing of 3.4 million shares on June 11 and 12.'

See how it hit a high of 3.38 on the12th which is a 3 months high for Puncak Niaga.

Now this is where the timing of the events start to feel rather strange in my flawed opinion.

On the 11th 2009, on the Edge Financial Daily, AmResearch: RM4 offer for Puncak?

On the same day, CIMB too had a report suggesting that there will be a rm4 offer for Puncak.


And the Edge Financial Daily published another article on the 12th June 2009. Fresh offers for water assets takeover on the cards

But then.............................

Utilico Emerging Markets or UEM decides to dispose some 3.4 million shares on both these days.

Sell on news????

Strange isn't it?