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Technics O&G seeks suspension in trading of shares

Wednesday, June 1, 2016 - 17:24

TECHNICS Oil & Gas on Wednesday requested to suspend trading in its shares 20 minutes before market close.

This followed a trading halt on its shares on Tuesday.

It last traded at $0.071 on Monday.

On Friday, it had hit a one-year low of S$0.070 on elevated volume.

This comes after the distressed offshore support services firm was cornered by a series of claims from its Singapore-listed landlord Soilbuild Reit, leading it to seek court intervention as a last-ditch rescue attempt.

Technics and its wholly owned Technics Offshore Engineering said on Tuesday that they had applied to the Singapore High Court to place the firms under judicial management.

Judicial management is a court-supervised process aimed to ensure the company's survival as a growing concern and seek a compromise with creditors, and is deemed a better way to realise a company's assets than in a winding up.

The Business Times also reported on Wednesday that the firm has also been hit by selling and force selling of shares held by insiders, which has further bruised the stock.

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