For the second time in less than a month the ASX has approached Hutchison Telecommunications to ask about the company’s soaring share price and the increased volume of trading of its shares.
ASX sent a letter to Hutchison, which owns 50 per cent of Vodafone Hutchison Australia, late last month questioning the company about a 25 per cent rise in its share price in the space of a week.
The ASX sent a second letter yesterday querying the company about a rise in its share price from a low of $0.071 on 10 October to a high of $0.115 yesterday.
Company secretary, Louise Sexton, replied to the ASX stating that Hutchison “is not aware of information concerning it that has not been announced to the market which, if it were known by some in the market, could explain the recent trading in its securities”.
Hutchison “has no other explanation for the recent trading in its securities,” the letter states.
1,979,712 Hutchison shares were traded on the ASX yesterday
Hutchison announced earlier this year a half-yearly loss of $95.8 million, as Vodafone Hutchison Australia continued to bleed customers.