Beng Kuang Marine has revealed, on Sept 24, that it is exploring “possible corporate actions and exercises” to create value for its businesses and shareholders.
The revelation came after the company’s shares shot up by 52.3% to 9.9 cents as at 2.12pm, from its last-closed price of 6.5 cents.
The intra-day spike triggered a query from market regulator Singapore Exchange Regulation (SGX RegCo), who has asked the company to explain the “unusual volume movements” in its share price.
SGX RegCo has also asked Beng Kuang to confirm its compliance with the listing rules.
As at 4.33pm, shares in Beng Kuang are trading 4 cents higher or 61.5% up at 10.5 cents, with 17.22 million shares changed hands.
Today’s volume is almost seven times higher than the three-month average volume of 2.39 million shares traded.