‘Unusual’ share price movements on July 14 have prompted the Singapore Exchange Regulation (SGX RegCo) to issue a query to wealth management platform iFast.
Shares in the company fell 1.5% to $8.865 from $9 at market open at 9.12am, before hovering between the $8.97 to $9 mark throughout the day.
At around 1.40pm, shares in iFast spiked 4.44% to $9.40.
In a filing at 1.41pm, SGX RegCo asked iFast to reveal any information that may have brought about the trading.
It has also asked iFast to confirm its compliance with the listing rules.
iFast shares were the top advancers in terms of dollar value on the SGX.
As at 2pm, shares in iFast are trading 43 cents higher or 4.8% up at $9.43.
In a filing later on the same day, iFast revealed that it has been “engaging in discussions” with industry players to prepare itself for the eMPF Platform project with PCCW Solutions.
The group announced on Jan 30 that it took part and won the tender for the project, where it will be the prime subcontractor for Category C.
“Although the full contractual terms of the project have not been finalised, the potential benefit that the project is expected to bring the group may be linked to the trading activity, where investors may be anticipating a potential substantial impact on the group’s revenue in the years ahead,” says iFast in the filing.
iFast adds that it is targeting to be able to give the potential growth figures of its overall Hong Kong business for 2023/2024 and beyond by the end of 2021.
iFast, in the same filing, added that the unusual price movements may be due to its announcement on June 30, where it led a consortium to apply for a digital bank licence in Malaysia.
It has also confirmed its compliance with the listing rules.