A lot of this was day trading and churning, but PAP has only 500 million shares.
The major shareholder, Power Hub, said they sold 68 million shares on 9th June 2011, but I am surprised that no formal announcement has been made from any buyers buying more than 10% in PAP.
The SEC's Company Take-overs and Mergers Code requires disclosure of 10% stakes within 2 market days.
Press stories said that Emagewise (Dilith Jayaweera) bought 20% of PAP on 6th June 2011, but where is the disclosure then ? We are well past 2 market days.
Have they forgotten to disclose, or did they day trade and sell ? Do they have under 10% now ? What is the SEC doing about this ?
Who are the major shareholders of PAP now ? Power Hub Malaysia has only 28% after the sale.
Lots of unanswered questions, the answers to which may help decide what to do with PAP, fundamentals aside.