Following its share price surge on 9.45am on Jan 15, iFAST Corporation has issued a statement via SGX at 12.37pm, that it is participating in the “bidding of projects, including certain ones in Hong Kong”, which may have a material positive impact on its business should the bid be successful.


See: iFAST triggers fourth query in six months on share price surge


The group cited its response on Aug 7, 2020, which indicated that it was working with telecommunications provider, PCCW, to digitise Hong Kong’s retirement funds system.

“Due to the confidentiality requirements and uncertainty of outcome linked to the projects, the group would like to add that it is unable to provide any further comments at this point of time,” says iFAST in a statement.

On other possible explanations for the trading, iFAST referred to its results released on Jan 6, that its assets under administration (AUA) grew to record high level of $14.45 billion as at Dec 31, 2020, representing a 44.5% y-o-y increase.


Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

See also: iFAST Corp's AUA grows 44.5% y-o-y to record $14.45 bil


iFAST, in conclusion, confirms its compliance with the listing rules, in particular, Mainboard rule 703.

As at 1.02pm, shares in iFAST is trading 26 cents higher or 6.1% up at $4.54.