Anchor Resources queried on stock price surge

Singapore

ANCHOR Resources - the little-reported, Catalist-listed mineral explorer - was among the most actively traded stocks on the Singapore Exchange (SGX) on Friday.

At market close, it was the second most active counter on SGX, after Noble. More than 64 million units changed hands. It ended trading 13.5 per cent or S$0.013 higher at S$0.109.

In the early afternoon, Anchor Resources was the most active stock on SGX. As at 2.25pm, nearly 53.5 million units had changed hands.

The stock opened on Friday at S$0.095, and surged by as much as 19 per cent to S$0.112 at noon, prompting a query by SGX on its trading activity.

In response, Anchor Resources said that it was not aware of any possible explanation for the trading.

Last month, the company announced the cessation of Amos Siew as company director. He will relinquish his positions as independent director (ID), chairman of the audit committee and a member of the nominating committee and remuneration committee. Pursuant to Mr Siew's cessation, Anchor Resources has appointed Wilson Tay as chairman of the audit committee.

Anchor Resources said the nominating committee and board were in the process of identifying and appointing a new ID.

The company was listed on the Catalist board in March last year.