Shares of China Minzhong Food Corp fell as much as 10.6% on Thursday, after a block trade fuelled speculation one of its largest shareholders had sold its stake in the food processing firm.
China Minzhong, which is 16.9% owned by sovereign wealth fund Government of Singapore Investment Corp, was trading down 8.2% at $0.78 at 10:25 a.m/. It was the most actively traded stock by value. In an earlier block deal, one party sold 57.23 million shares at $0.80 each.
A trader said one of China Minzhong’s shareholders had sold its entire stake in the company through a private placement.
According to Thomson Reuters data, Olympus Capital Holdings Asia, is the company’s third largest shareholder, with 57.23 million shares or a 10.3% stake.
Franklin Templeton Investments Corp is the second largest shareholder with a 12.2% stake, or 68.13 million shares.
China Minzhong was not immediately available for comment.
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