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Spike in transport shares being probed

Published on May 28, 2014 6:53 AM
 
The authorities are looking into why land transport stock prices soared just before a landmark restructure of the bus industry was announced. -- PHOTO: LIM YAOHUI FOR THE STRAITS TIMES

The authorities are looking into why land transport stock prices soared just before a landmark restructure of the bus industry was announced.

The Straits Times understands at least one police report has been filed pertaining to the spike in SMRT and ComfortDelGro shares on May 20. That was a day before the Government said it would assume ownership of all buses and depots, and that transport firms would bid for routes to operate in competitive tenders.

The investment community views the change as largely positive for transport companies.

Community worker and National Solidarity Party member Ravi Philemon, 46, lodged a police report last Saturday. He did so after reading a newspaper article on the share price spikes, "which troubled me a lot", he said yesterday.

 
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