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Mirach Energy says unaware of reason for Friday's 39% price surge

MAINBOARD-LISTED Mirach Energy on Monday morning said it does not know of any possible explanation for the trading activity on Oct 18 flagged by the Singapore Exchange (SGX).

Its shares had climbed 38.89 per cent or seven Singapore cents to S$0.25 at Friday’s close, with 775,600 shares changing hands.

The SGX sent a query to the watch-listed firm after trading hours on Friday regarding its “unusual” price movements.

Mirach will hold an extraordinary general meeting (EGM) on Oct 29 at 3pm for shareholders to vote on the proposed change of the company’s auditors to BDO from Ernst & Young.

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Just last month, the bourse operator’s regulatory arm had urged investors to exercise caution when dealing in the shares of Mirach Energy, flagging that a small group of individuals was responsible for almost 70 per cent of the buy volume of the stock over a nearly seven-month period.

The company on Monday also confirmed to the SGX that it is in compliance with listing rules.

Mirach was granted a 15-month extension in April to exit SGX's watch list by June 5, 2020. The company is on the watch list under both the financial entry criteria and the minimum trading price criteria.

Its business units are engaged in oil and gas investments and operations, property and construction, as well as the development and management of agriculture land.