28% plunge in Vard’s share price prompts SGX to investigate

28% plunge in Vard’s share price prompts SGX to investigate

OSV builder Vard Holdings has been queried by the Singapore Exchange (SGX) after its share price nosedived 28% today. Vard said it had no idea why the share price had plunged so dramatically. Nevertheless, SGX investors should “exercise caution” when dealing with Vard’s shares.

With orders drying up for Vard, formerly known as STX OSV, it has implemented a cost-cutting program that includes temporary and permanent reductions in the company’s work force.

The yard has also been stung by a number of cancellations.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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