Shares in AEI Corporation surged 6.6% to $1.865 as soon as the market opened, from its last closed price of $1.75 on April 28.

The unusual price movement caused market regulator Singapore Exchange Regulation (SGX RegCo) to issue a query regarding the company’s trading activity at 9.16am on the same day.

AEI Corporation has since issued a reply to say that it is unaware of any information that was unannounced that could explain the trading.

SEE:AEI to sell Penjuru Lane property for $19 mil to help fund proposed transition into new businesses

However, the company said it issued the notice of an extraordinary general meeting (EGM) on April 6 to convene the meeting at 9.30am on April 28 to approve the company’s proposed capital reduction and proposed cash distribution.

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“Other than the pending outcome of the EGM, the company is not aware of any other possible explanation for the trading,” says AEI in a statement.

The EGM has been concluded and its results will be announced after the close of trading on April 28.

AEI Corporation also confirmed its compliance with the listing rules.

As at 10.52am, shares in AEI are trading 1 cent higher or 0.6% up at $1.76.