AbaCore doesn’t know foreign firm buying up its shares
AbaCore Capital [ABA 0.99 unch; 89% avgVol] [link] was asked by the SEC to comment on a March 5 article in BusinessWorld [link], entitled “AbaCore secures $1.6-M investment from Singapore-based firm”. In the article, BusinessWorld quoted ABA talking about the Singaporean investor as being “long-term oriented” and based in “emerging Asia”. ABA also mentions that the investor bought $1.6 million (~P94 million) worth of ABA shares, and plans to buy up to $4 million (~P234 million) more. In its clarification to the SEC, however, ABA struck a different tone. ABA said that the transaction didn’t involve primary shares or treasury shares, saying that “it appears that it involves the purchase of shares by investors from shareholders of ABA at the time in the open market.” ABA said that it “ had no knowledge nor participation in said investment decision of the parties involved”, and had “no direct involvement, participation, or solicitation in the BusinessWorld article”. The company said it is “pleased to hear that a group of foreign institutional investors invested in the shares of Abacore through the facilities of the PSE.”
