Hot stock: Oceanus tumbles 45.3% amid heavy trading, prompts SGX query

SHARES of mainboard-listed Oceanus Group continued to sink on Wednesday after plummeting on Tuesday, prompting a query from the Singapore Exchange (SGX) about the "unusual price movements".

The company's shares tumbled 2.9 Singapore cents or 45.3 per cent to an intra-day low of 3.5 cents as at 10.22am on Wednesday. The last time the company's shares traded near this level was in mid-January.

Oceanus was the most traded counter by volume on the Singapore bourse at market close, with 1.4 billion shares having changed hands. The counter was down 34.4 per cent or 2.2 Singapore cents to 4.2 cents.

On Tuesday, Oceanus' short-sell volume nearly doubled to 70.3 million shares, from 35.3 million shares the day before.

Two hours after the SGX query, Oceanus' board said the company continues to make efforts to grow its business. It added that it was unaware of any information not previously announced which, if known, might explain the trading activity.

The board added it was unaware of any other possible explanation for the trading, and also confirmed its compliance with listing rules.

Excluding last week, Oceanus shares have been posting weekly gains since the start of the year. It surged 13.6 per cent in the week beginning Feb 15, and then slipped 5.3 per cent last week.

Last week, the company reported a net profit of S$8.6 million for the full year ended Dec 31, 2020, reversing a net loss of S$7.4 million for the year-ago period.

Separately, it noted that it is seeking an extension of time to exit the SGX's watch-list. The group said it will release its audited full-year consolidated accounts on or before April 15.

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