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I REFER to the article, 'Allocations of shares at two firms raise eyebrows' (ST, Dec 15). I have the following to add:
Hong Fok rights issue closed on Nov 28, but the issuance of rights shares and refunds were made only on Dec 13.
I wonder why it took half a month for Hong Fok (and its underwriter) to process the issue and make refunds to unsuccessful excess-share applicants?
With the advent of computer software, IPO issues these days could be refunded in less than three days to unsuccessful applicants.
Lee Chin Chee
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