Shares of Equatorial Palm Oil Plc (LON: PAL) today surged 92.9% higher despite rumours that the palm oil company was planning to fire 35% of its workforce, or about 1,750 to 2,100 employees starting in October.
However, the company is yet to confirm whether this is true.
Investors might have also been reacting to the appointment of Teh Kwan Wey as a non-executive director on Thursday, after Patrick Kee Chuan Peng and Yap Miow Kien left the company’s board.
The company also recently raised over £400,000 after selling 100 million shares at 0.4 pence, which was to be used as additional working capital and to explore new corporate opportunities.
It is not yet quite clear why PAL shares rallied so high, but we’ll update this report as soon as we have any new developments.
PAL share price
PAL shares today surged 92.9% to trade at 1.495p having closed Friday’s session trading at 0.775p.