SINGAPORE (Apr 8): Singapore Exchange Regulation (SGX RegCo) has issued a query to precision machined components manufacturer Broadway Industrial Group, after the counter spiked 32.8% on Wednesday on the back of unusually high trading volume.
Broadway Industrial jumped 2.1 cents to close at 8.5 cents on April 8, with some 36.3 million shares changed hands.
On average, over the past three months, the counter only saw trading volumes of around 270 million shares per month.
The market regulator ordered Broadway Industrial to reveal if it is aware of any information not previously announced that could explain the unusual volume movements in its shares on April 8.
Broadway Industrial is also to confirm that it is in compliance with the SGX listing rules.
SGX RegCo notes that this is second query issued to Broadway Industrial in the past four months. The company had been issued a similar query in December last year.
On Feb 29, 2020, Broadway Industrial reported full-year losses of $21.4 million for the FY2019 ended December, swinging into the red from earnings of $1.8 million in FY2018.
FY2019 revenue fell 20.4% to $305.7 million on the back of continued weakness in the hard disk drive market.
In addition, the group’s bottomline was hit by other expenses amounting to $7.7 million, led by foreign exchange losses and inventories written off.
The stock is currently placed in the SGX Watch-list.
