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Technics Oil & Gas: Not aware of explanation for unusual trading activity

TECHNICS Oil & Gas said on Friday afternoon that apart from the announcements that have been released, it is not aware of any information concerning the group that explains the unusual price and volume movements in its shares on Friday.

In its response to a query issued by Singapore Exchange (SGX) on Friday morning, Technics added that it is not aware of any other possible explanation for the trading, and that it is in compliance with the listing rules and, in particular, Mainboard Rule 703.

Technics opened at S$0.083, down 7.4 Singapore cents from its Thursday close, before closing at S$0.07.

In the past week, Technics announced a series of legal suits. On Wednesday, it reported that Soilbuild Reit has called on the company's bank guarantee for the sum of S$11.8 million with respect to the 18 months' rental for the second year of lease for the company's premises at 72 Loyang Way.

Last week, Technics reported that its subsidiary, Technics Offshore Engineering, has received two writs of summons from Ting Tiong Ching and Hup Seng Offshore Engineering for the repayment of loans collectively amounting to nearly S$5 million.