BSE to suspend trading in Seamec
Mumbai: The Bombay Stock Exchange (BSE) has suspended trading in the shares of South East Asia Marine & Construction (Seamec, formerly Peerless Shipping and Oilfields) from Monday. The company haD failed to reply to the clarification sought by the bourse on the recent consistent rise in its share prices.

BSE said: "The exchange has sought a clarification from the company, which is still awaited. Pending such clarification, it is proposed to suspend trading in the aforesaid scrip with effect from Monday, November 5, 2001 to avoid the establishment of a false market in its securities."

The stock price of the company had zoomed a hefty 250 per cent in a month from a meagre Rs 26 to Rs 84.55 on the NSE on Friday.

The market watchdog has sought information from Seamec on why has it not made an open offer till date and not intimated Sebi about the stake of European major Technip which acquired the entire 29.7 per cent interest in the leading offshore oil services group Coflexip Stena Offshore (CSO). CSO is the major shareholder of Seamec. CSO had acquired 58 per cent stake in erstwhile Peerless Shipping at Rs 30 per share in 1999.
Back to News Review index page