Shares in Oceanus, at around 1.50pm on Jan 21, were trading at 5.3 cents, 8,16% higher than the 4.9 cents at close on Jan 20.

Oceanus also had the highest number of shares traded on the SGX-ST with 383.19 million shares changed hands.

The unusual hike in the company’s share price and trading volume prompted a query from market regulator, the Singapore Exchange Regulation (SGX RegCo) at 1.54pm.

SGX RegCo, via a filing on SGX, asked Oceanus if it had any information that could have led to the surge in share price, and asked the company to confirm its compliance with Mainboard rule 703.

As at 3.16pm, shares in Oceanus were trading 0.1 cent higher or 2% up at 5 cents.

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See also: Oceanus to change presentation currency to SGD, to cease quarterly reporting of financial statementsIndependent directors of Oceanus take up stakes; UMS tightens hold on associate JEP and Oceanus reverses losses to earnings of $1.9 mil for 3Q on higher revenue

Update:

At 5.20pm, Oceanus responded to the queries saying that it is unaware of any reasons behind the surge. However, the company noted that it announced previously that it has continued to "make efforts" to grow its business, and that the higher trading volume may be attributable to a brokerage initiating coverage on the company on Jan 20.