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Thursday, September 03, 2020 – 1:59 PM
Shares in Hosen Group, which is listed on Catalist, rose 70.3 percent during the morning trading session, prompting an inquiry from the Singapore Stock Exchange (SGX) for “unusual price and volume movements.”
Before SGX’s inquiry, the packaged food distributor saw its counter jump to 6.3 Singapore cents at 11:45 a.m. M., An increase of 2.6 cents or 70.3 percent. In the midday break, Hosen’s stock hit a five-year high of seven cents, an increase of 89.2 percent or 3.3 cents.
Hosen imports, exports and distributes fast moving consumer goods, specializing in packaged foods. The brands it carries include Hosen Quality, Hosen Select, Fortune, Highway, and Sincero, to name a few.
On August 5, the company posted a net profit of S $ 1.2 million for the six months ended June 30, 2020, almost five times the previous year’s S $ 235,000.
Hosen’s revenue increased 20.8 percent for the year to S $ 40.5 million, from S $ 33.5 million. This was mainly due to increased demand for its products as a result of consumers storing food during the “circuit break” period in Singapore and the movement control order in Malaysia.
The company’s shares were up 73 percent, or 2.7 cents, to 6.4 cents as of 1:33 p.m. Thursday.
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