Big Kenfair purchases

We've written a few times recently (and here and here) about some of the slightly odd deals going down at Kenfair, including its purchase of a coal mine (Kenfair's owners will, in turn, sell a large chunk of the company to the owner of the coal mine - go figure).

Well, something else is going on this week. There is a basic stock market announcement regarding "Unusual Trading Volume Movements". A glance at this Yahoo! Finance chart (click on it to make it bigger) will show you what they're talking about.

You can see a big volume spike late on Tuesday afternoon and again in the middle of Thursday afternoon. Both look to be purchases of around 17.5 million shares. That's around HK$18.5 million based on this week's average price. As the market cap would have been around HK$370 million at that price, that comes in at 4.9%, a hair below the 5% level at which a buyer has to declare their hand. So, whoever made those two purchases got around 10% of the company. As the price chart shows, the market only noticed this on Friday morning, pushing the share price up 7.5% on the day.

I guess this kind of thing has to be more fun than actually running an exhibition business. Kenfair says it is unconnected to the transactions.