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No possible explanation for 'unusual' share trading: SunMoon

MAINBOARD-LISTED SunMoon Food Company said on Sunday it was not aware of any information not previously announced that might explain the trading of shares on Friday.

It shares had surged to S$0.055 on Friday, closing some 30.95 per cent or 1.3 Singapore cents higher.

SunMoon was responding to queries by the Singapore Exchange on the "unusual volume movements of shares of the company".

It said that while it was not aware of any possible explanation, it cited four recent announcements which could have triggered such trading of its shares. The latest of which was made on Sept 7, on SunMoon's selection of NetSuite OneWorld, a cloud-based enterprise resource planning (ERP) software, for its ERP needs.

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The company added: "As previously announced in the company's press release dated March 14, the company has shifted towards the implementation of the 'Network x Geography x Product' asset-light business model."

That is, SunMoon has been "continuously exploring opportunities to increase its geographic presence, product range, as well as sales network so as to maximise shareholder value".

SunMoon said that it is continuing ongoing negotiations with various parties on "potential transactions".