STOCKS NEWS SINGAPORE-Aussino falls as reverse takeover in doubt
Shares of Aussino Group Ltd plunged as much as 12 percent on concerns that a planned reverse takeover of the bed linen maker may not materialise.
By 0111 GMT, shares of Aussino were 6.6 percent lower at S$0.156 with over 8.4 million shares traded, compared to a full-day average of 24.5 million shares over the last five sessions.
Aussino shares had surged about 97 percent after it announced its plans to enter the petrol kiosk business in Myanmar through a reverse takeover last week.
The firm planning to inject assets into Aussino, Max Strategic Investments, is linked to a Myanmar businessman on a U.S. blacklist, bankers and lawyers said on Friday.
While Singapore does not impose sanctions on Myanmar, the experts Reuters spoke to said authorities would be cautious about letting a firm list if there are question marks about the owners and managers.
0917 (0117 GMT)
(Reporting by Charmian Kok in Singapore; Editing by Kim Coghill; email@example.com)
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