As at 3.18pm on Jan 22, shares in Sarine Technologies surged 25.25% to 62 cents from its last close price of 49.5 cents, triggering a query from Singapore Exchange Regulation (SGX RegCo).

SEE: Sarine Technologies posts 1Q net loss of US$1.4 mil

At 3.27pm, the market regulator asked Sarine Tech if it was aware of any information relating to the spike in share price. It also asked the company to confirm its compliance with the listing rules.

As at 4.07pm, shares in Sarine Tech are trading 13 cents higher or 26.26% up at 62.5 cents.

Update

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On Jan 24, Sarine Tech says it is unaware of the reasons behind the price spike, but it says it is involved in "many varied activities" with its customers on several issues. However, none of the activities would, in the company's opinion, justify the unusual trading witnessed on Jan 22.

The company added that the higher trading activity may be attributable to the "significant traction" gained by its Digital Tenders technology, which was evolving as the "preferred platform" for rough trading online.

Sarine Tech, in its statement, also credited the share price surge to the news on the raising of rough diamond prices by suppliers, as well as "positive developments" from leading players in the retail industry such as Tiffany & Co and Chow Tai Fook.