SGX queries unusual China Env, Koyo trading

Singapore

SHARES of China Environment, a provider of industrial waste gas treatment solutions, shot up as much as 26.3 per cent on Friday in unusually high volume, prompting a query from the Singapore Exchange (SGX).

The counter hit an intraday high of S$0.25, before closing at S$0.235, up 18.7 per cent.

A total of 115.4 million shares of China Environment switched hands, versus a six- month daily average of 23.61 million. It led the market with the second highest trading activity, after Advance SCT, which was undergoing a proposed share consolidation and rights/warrants issue.

Last week, on Jan 5, China Environment's shares also gained some 18.75 per cent, after it announced the placement of new ordinary shares and warrants, following the approval-in- principle from SGX.

This is SGX's second query on China Environment's trading activity in less than a year. On June 6 last year, SGX queried the company on its trading activity after 38.41 million shares switched hands that day, sending shares soaring 30 per cent. Three days later, SGX issued a "trade with caution" notice on the company.

On Friday, SGX also queried Catalist-listed Koyo International, a mechanical and electrical engineering firm over the unusual trading volume. A total of 13.62 million shares of Koyo International were traded, versus a six-month daily average of 4.56 million.

Peak trading activity occurred from 3pm onwards, and the counter hit an intraday high of S$0.225 at 4:29pm, before closing at S$0.22 - a 2.33 per cent gain from the previous trading day.

In response, Koyo said its subsidiary, Koyo Engineering (SE Asia) Pte Ltd, has been in recent weeks engaged in discussions with two statutory boards in relation to potential projects.

"We have not been informed of any decision," it said.