SunMoon Food surges 42.4%
High buying volume prompts SGX to issue a "Trade with Caution" warning on the counter
Singapore
PENNY stock SunMoon Food surged 42.37 per cent, or 2.5 Singapore cents, on the local bourse on Thursday to end trading at 8.4 Singapore cents, buoyed by high buying volumes, prompting the Singapore Exchange to issue a "Trade with Caution" warning on the counter.
The company, which is a fully integrated fresh fruit and dehydrated produce business, said it is not aware of any information which is material and not previously announced concerning the company, its subsidiaries or associated companies which might explain for the trading pattern.
"The board is continuously exploring business opportunities to enhance the value for shareholders over the long term and will make the announcements when there are further developments on the same," said SunMoon in response to SGX queries.
SunMoon's counter resumed trading just last month, after it was halted and then suspended from trading.
It had requested a suspension because a key shareholder, First Alverstone Capital, was responding to "queries" from the Monetary Authority of Singapore (Market Control).
These queries arose from changes to First Alverstone's shareholdings that took place on Sept 18.
First Alverstone Capital is a fund owned by SunMoon executive chairman Gary Loh and his wife, Selena Cheng.
SGX issued a "Trade with Caution" warning at 4.34pm, half an hour before the market closed. SunMoon was the second most hotly traded stock on the market, with 63.68 million shares changing hands.
