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It's taxed at your income level (i.e. treat this like rental income), and different from the 2% dividend tax. Yes, still higher than FD after tax, but this is a stock and you can suffer capital loss. Compare to risk-free 6% EPF or 5% ASM.
The big seller might not have finished selling. Look at the sell queue later at exactly 4:50pm. Previous day was 18K lots sell queue at 0.28 and yesterday was 52K.