SINGAPORE (Oct 18): Mainboard-listed Mirach Energy has triggered a query by Singapore Exchange Regulation (SGX RegCo), after its share price surged 38.9% within the span of half an hour on Friday afternoon.

This comes less than a month after the market regulator flagged suspicious trading activities in the counter, and urged investors to exercise caution. 

In an announcement on Sept 24, the regulator noted that Mirach Energy’s share price had more than doubled from 13 cents on Feb 8 this year to close at 29 cents on Sept 3. SGX RegCo also noted that a small group of individuals, who appeared to be connected to each other, was responsible for over 69% of the buy volume of the shares.

See: SGX RegCo urges caution in trading of Mirach Energy shares

As a result, share prices in the company had plunged some 23.9% to close at 14 cents on Sept 25. 

See: Mirach Energy shares plunge further as SGX RegCo flags suspicious trading activities

Shares in Mirach Energy opened at 18 cents on Friday, before dipping to 16 cents at 3.15pm. However, at 4.30pm, its share price surged some 38.89%, or an increase of 7 cents, to close at 25 cents. 

Some 776,000 shares in Mirach Energy changed hands on Friday, close to double that of the 398,000 shares in the counter that were traded on Oct 17. 

The bourse regulator at 5.00pm asked Mirach Energy to declare whether the company was aware of any information not previously announced that might explain the “unusual price movements” in its shares

SGX RegCo also asked if the company was aware of any other possible explanation for the trading, including the public circulation of information by rumours or reports. 

Mirach Energy was also ordered to confirm that it remains in compliance with listing rules.

Following the share price surge on Friday, shares in Mirach Energy have rocketed 252% over just two weeks, from a low of 7.1 cents on Oct 4.