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After Selling Down, Insider Starts Buying Back FRB-WA

The warrant of Formis Resources Berhad (FRB-WA) has dropped almost 60% from the high of 30.5 sen achieved on the first day of listing (26th April 2011).  FRB-WA was given free to shareholders on the basis of 1 for 2.  One of the main reasons why FRB-WA has fallen off the cliff is due to selling by insiders.  The selling by insiders was especially high during the initial days of listing in late April and early May as FRB-WA was trading closer to 30 sen and shareholders were making quite a bit from the free warrant.  But after a sharp drop, Dato' Mah Siew Kwok, the CEO of the company, has finally started to buy back the warrant which he had earlier sold according to Bursa Malaysia announcement.


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