Packaged foods specialist Hosen Group (or more commonly known as Hock Seng Food), triggered a query from Singapore Exchange Regulation (SGX RegCo), after its share price surged up to 7 cents at 12pm on September 3, representing a 89.2% spike from its last closed price of 3.7 cents on September 2.
Hosen was also, unusually, among the tenth most heavily-traded counters on September 3, at fourth place.
The query from SGX RegCo came after Hosen’s share price rose steadily throughout the day from 3.7 cents to 6.4 cents at 11.46am.
Hosen has yet to respond to SGX’s queries, which asked the company to reveal if it is aware of any information not previously announced that could explain the unusual volume movements in its shares.
Prior to this, Hosen had released its 1H20 results on August 5. The group reported a 342.8% increase in its earnings for the half year ended June to $1.1 million, from the $250,000 a year ago.
Revenue for the group grew 20.8% y-o-y to $40.5 million due to higher demand from consumers’ stockpiling of food due to the circuit breaker in Singapore and the movement control order in Malaysia.
At 3.03pm, Hosen has said that it is not aware of any information not previously announced that might explain the trading activity.
As at 3.04pm, shares in Hosen were trading 1.7 cents higher, or 45.9% up, at 5.4 cents.
