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| …Guyana closely monitoring situationGuyana is reportedly closely monitoring the declining of stocks of Samling Global Limited, the parent company of Barama Company Limited.Kaieteur News was told that there has been a major dumping of Samling Global shares on the Hong Kong Stock Exchange and that the move seems unrelated to the United States financial meltdown.Samling Global Limited owns 80 percent of Barama Company Limited.At present, this newspaper was told, Guyana is seeking more information and clarification on the matter to determine the impact it can have on the local operation.The $89M shares traded between September 9 and September 16 last, saw the price of a share declining from above HK $1.00 in early August to 43 cents at last trade on Tuesday.Samling Global Limited has since said that it has noted the recent decrease in the price and the increase in the trading volume of the shares of the company.According to the company, it is not aware of any reasons for such price decrease and trading volume increase.“We also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations, which are discloseable under the Rules Governing the Listing of Securities on the Stock Exchange,” the company said in a statement issued.It was also noted that the board of directors of the company is not aware of any matter discloseable under the general obligation imposed by the Listing Rules, which is or may be of price-sensitive nature.Speaking with Kaieteur News,Bojan Bogdanovic Jersey, an official from the local operation said that should a similar situation occur as what is happening on Wall Street, then the worst case scenario would be the company seeking a buyout.At present, the official said, the situation is far from that as the share prices can go up.The official pointed out that the company has huge assets in Guyana but the drop in share can limit investment capacity.The issues of the decline in stocks are currently under study for repercussions by local expertise.It is expected that in the short term this may have no significant impact on Barama’s local operation, the official added.The official added that engagements are being sought at the governmental level to accommodate updates on the issue. |
