Institutional investors to shun CP All
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CP All share price declined today as institutional investors agreed not to buy more shares in the company for their portfolios until good governance practices are improved.
At 3.26pm, it was traded at Bt40.50, down by Bt0.50 or 1.22 per cent.
The company's share price has steadily declined since the Securities and Exchanged Commission announced on December 2 that three executives were fined for insider trading.
Members of the Association of Investment Management Companies (AIMC), Government Pension Fund, Social Security Fund and insurance companies resolved today that without any change at the upcoming shareholders meeting, they would not buy more shares or debentures of the company. However, those currently in the portfolios would not be sold, they announced after the meeting today.
Earlier this month, the company's board of directors judged that the three executives were to maintain their titles, saying they were already punished for the wrongdoing.
