While shares in Hatten Land traded relatively flat throughout the day barring a 12.5% increase to 2.7 cents at 10.38am, the counter saw some 24.5 million shares change hands on Aug 30, putting it among the top five most-traded counters on the Singapore Exchange (SGX).

At 2.59pm, the regulator issued a query to the property developer to ask if it was in compliance with the Catalist rules.

SGX RegCo also asked Hatten Land to reveal any information behind the higher amount of trades, if any.

In its statement, SGX RegCo noted that this was the second query issued to the company within the past six months.

On March 22, Hatten Land drew a query from the regulator due to a 62.9% surge in its share price.

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Shares in Hatten Land closed 0.1 cent lower or 4.17% down at 2.3 cents on Aug 30.

Update

In an announcement made later on the same day, Hatten Land says the unusual trading volume may be due to the extension of the completion date for the proposed divestment of its subsidiary, Gold Mart Sdn Bhd.

See also: Hatten Land sells Melaka land for RM25.8 mil

In a separate statement, Hatten Land announced that the current completion date of Aug 31 has been extended to Sept 17. The extension was made to allow for additional time for the issuing bank to complete the administrative process relating to the payment for the consideration amount.