There is a stock in the Philippine market under
Resorts World Manila with the stock code
RWM and I have been monitoring this stock for about a year now. There is a broker called
AURORA that has been accumulating hundreds and hundreds of millions slowly and supporting the price of the stock and slowly rising the prices by a few cents a day.
I've never seen someone accumulate so many shares and despite the constant rise in prices, no one is buying it. Whenever on the rare occasion that the price starts to look great for a day and appears to be a breakout, it will always get slammed down by other sellers. I am really wondering how unusual this stock behaves. The stock is a hotel/resort/casino that mainly caters to gamblers.
Just today, there was an announcement that this stock will delist this october and have a tender offer to be announced soon.
Current according to the article:
After the tender offer is completed, non-public shareholders will hold at least 90 percent of the total listed and outstanding common shares
What is the purpose of the accumulation that I have seen the past year? Is that the group buying back the shares? Is it some kind of market manipulation?