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Hot stock: Civmec responds to SGX queries on trading activity
CIVMEC Limited responded to queries by the Singapore Exchange (SGX) on Jan 18 on its trading activity.
According to Civmec, the volume may be attributed to the recent previously announced project awards and shipbuilding facility expansion plans.
In an SGX filing, the company said that it received a signed memorandum of understanding (MOU) from another Singapore company that outlines both parties' intention to work together to prequalify, tender and, if successful, work together on a joint Singaporean/Australian defence initiative in Queensland, Australia.
It added that the MOU is at a very preliminary stage of discussion, and that the company will make the necessary announcement if such discussion resulted in any material development.
At the start of trading on Friday, shares of Civmec opened at 65.5 Singapore cents, up from 62 Singapore cents at the end of last trade on Jan 18. By 1.14 pm, shares of Civmec went down slightly to 65 Singapore cents per share. Some 1.37 million shares changed hands.