SINOTEL TECHNOLOGIES has just announced it has reached the milestone which investors have been holding their breath for – the appointment of a market maker in the US for its American Depository Receipts (ADRs).
Sinotel, during the lunch break today, announced that Hudson Securities has officially been granted approval by FINRA to be the market maker commencing from Dec 11.
Based in New Jersey, Hudson Securities Inc. is a subsidiary of Hudson Holding Corp. offering a full range of corporate finance and capital market services.
Hudson Securities inc. is one of the largest independent trading firms in the United States (“US”) and is currently a market maker for more than 15,000 US and foreign securities and ADRs.
The market maker can buy shares of Sinotel in Singapore and package them as ADRs for trading by US fund managers.
For the next big step in the ADR journey, see our story here
Ben buys big
BEN NG, Sinotel Technologies’ VP of corporate communications and investor relations, is the company’s spokesman especially in the Singapore investment community.
To countless fund managers and analysts, Ben has been highlighting the growth prospects of Sinotel, especially as a result of the 3-G network rollout in China.
Reflecting his confidence in Sinotel, Ben bought 1 million shares in a married deal on Oct 30 from executive director Pan Liang.
It was not evident at first sight that the buyer was Ben, as the name of the buyer in the announcement to the Singapore Exchange was given as Ng Pak Lim.
Few people know it was Ben but he has confirmed his purchase to whoever who asked, and to NextInsight.
As stated in the announcement, Ben bought the shares at 60 cents apiece, which was at a discount to the market price then.
To his dismay, the share price fell to around 50 cents along with the market correction. But it has since recovered strongly and trades currently at 67.5 cents.
Ben said he still owns the shares.
Ben is based in Singapore, as is Sinotel’s chief financial officer, Lo Fui Chu, who is also an executive director of the company. Ms Lo’s shareholding, as declared to the Singapore Exchange in June 09, stands at 2 million shares.
She has not sold any of the shares. If she did, she would have to make an announcement to the SGX, as she is an executive director.
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