Charisma Energy responds to SGX queries over stock price surge

CHARISMA Energy Services has said that it is unaware of any information not previously announced that could explain the Catalist-listed company's unusual share volume movements that prompted queries by the Singapore Exchange (SGX) on Friday.

During Friday's early session, the Singapore bourse queried Charisma Energy as its shares tripled in value from 0.1 Singapore cent to 0.3 Singapore cent. As at 4.24 pm, about 56.9 million shares had changed hands in the usually thinly traded stock; and the counter was trading at 0.4 Singapore cent, quadrupling on the day.

Its shares were last traded on New Year's Eve when they closed at 0.1 Singapore cent.

The company had previously announced that it was exiting the Singapore electricity retail market on Dec 30, 2018.

Charisma Energy also said in its response to the SGX that it has a conducted a financial review of its business and investments, and is holding discussions with lenders to refinance its liabilities and working on the divestment of its oil and gas assets.

It will issue further announcements as and when there are any material developments.