SINGAPORE (Jan 2): Trendlines Group has prompted a query from the Singapore Exchange Regulation (SGX RegCo) after its share price surged 30% prior to the midday break on Wednesday.
Trendlines at 12.22pm called for a trading halt pending the release of an announcement.
In addition to the increase in its share price, the market regulator also flagged concerns about the counter’s volume.
Some 46.3 million shares had changed hands over the counter for the first half of the day, making it the most actively traded counter on the Singapore bourse.
This was a notable increase compared to the 1.7 million shares that were traded on Dec 31.
At 11.51am, the regulator asked Trendlines to declare if it was aware of any information not previously announced that might explain the “unusual price and volume movements” in the shares.
“Such information may include events that are potentially material and price-sensitive, such as discussions and negotiations that may lead to joint ventures, mergers, acquisitions or purchase or sale of a significant asset,” says SGX RegCo.
The bourse also asked Trendlines if it was aware of any other possible explanations for the trading, which might include the public circulation of information by rumours and reports.
The group was asked to confirm its compliance with the listing rules.
As at 12.38pm, shares in Trendlines are trading 2.6 cents higher, or 27.1% up, at 12.2 cents.
