SINGAPORE (Oct 21): Sembcorp Marine (SembMarine) has been issued with a query from Singapore Exchange Regulation (SGX RegCo) after its share price jumped 11.7% on Monday afternoon.
This marks the company’s second query from the market regulator over the span of four months.
Shares in SembMarine opened at $1.20 on Monday, and remained relatively stable. However, after the mid-day break, the counter surged to as high as $1.34, with some 15.7 million shares traded as at 2.57pm.
At 2.05pm, the exchange asked SembMarine to declare if it was aware of any information not previously announced that might explain the “unusual price movements” in the shares.
“Such information may include events that are potentially material and price-sensitive, such as discussions and negotiations that may lead to joint ventures, mergers, acquisitions or purchase or sale of a significant asset,” says SGX RegCo.
SGX RegCo also asked the group if it was aware of any other possible explanations for the trading, which might include the public circulation of information by rumours and reports.
SembMarine was also asked to confirm its compliance with the listing rules.
Meanwhile, shares in Sembcorp Industries, SembMarine's parent company, are also charging up. As at 2.57pm, the counter is trading 17 cents higher, or up 8.2%, at $2.25, with some 12.8 million shares changing hands.
Year to date, shares in SembMarine have fallen some 13.5%.
Unlimited access to all stories from $4.99/month*
The latest reporting and analysis from business and investments to news and views on social issues.
Bonus:
- Simultaneous logins across all devices
- Instant access to past digital issues
- Unlimited access to The Edge Malaysia
- *For annual subscription plan only. T&Cs apply
