CMIC asks Bogo Medellin Milling to explain surge in share price
The Capital Markets Integrity Corporation has asked Bogo Medellin Milling Company Inc. to explain the unusual surge in its share price on October 19 when it spiked to P112.30 per share from P74.90.
In a disclosure to the stock exchange, the sugar milling company said it was not aware of any material non-public information that would cause the unusual movement in its trading.
“We will be closely monitoring the movement of the share price of BMM [Bogo Medellin Milling). Should we become aware of any matrial non-public information that we believe influenced the share price increase, we will timely file the necessary disclosure for the same,” the company said.
Bogo Medellin Milling manufactures centrifugal raw sugar from sugar cane in the plantations around it.
The share price of P112.30 hit on October 19, 2016 was its 52-week high.
Trading of its shares have been very quiet at P50 to P60 from June to September 29 until it spiked to P72 per share on October 10, 2016.