IEV Holdings, Lorenzo International respond to SGX queries

SINGAPORE Exchange (SGX) queried IEV Holdings and Lorenzo International separately on the unusual movement in the volumes of their shares on Wednesday.

As at 2.50pm, IEV shares were up by 1.3 Singapore cents or 15.1 per cent at 9.9 Singapore cents. This was up from its 52-week high of S$0.094. Volume of shares was 48.1 million, compared to its average three-month volume of 4.85 million.

In response, IEV said the company was not aware of any possible explanation for the unusual trading activity other than an announcement on March 7, 2017, which stated that the company has commenced confidential discussions with various parties in relation to a possible fund-raising exercise for the development plans of the group.

In a filing to SGX, it said: "There are no material developments in respect of these discussions to date. Preliminary discussions with potential investors are still underway and, accordingly, there is no certainty that a fund-raising will materialise."

Lorenzo's stock was up by 0.7 Singapore cent or 14 per cent at 5.7 Singapore cents as at 3.15pm. This was higher than its 52-week high of 5.2 Singapore cents. Volume was 33.3 million, compared to its average three-month volume of 3.77 million.

Lorenzo responded to SGX's query by stating that it is not aware of any information not previously announced which might explain the trading.