Amidst the brouhaha surrounding the trading of Icon Offshore Bhd shares last week, one party seems to have made the best of the situation.Following the massive 50 to 1 consolidation of Icon Offshore shares, the stock hit limit-up twice last week.
Subsequently, the stock began falling drastically amidst speculation that a number of its stockholders had oversold their positions not realising that their holdings had shrunk drastically.
What caused Icon shares to spike in the first place is still moot, but it wouldn’t take much buying to nudge up a counter which has a mere 23.5 million shares in circulation, which is what Icon has posted in the consolidation exercise.
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