Share prices of Synagie Corp, Y Ventures surge 40% prompting SGX queries

THE Singapore Exchange (SGX) on Thursday queried two Catalist-listed firms - Synagie Corporation and Y Ventures - citing "unusual price movements" in their shares after both counters shot up by about 40 per cent in early morning trade. 

As at 11.28am, shares in e-commerce solutions provider Synagie were trading at 8.8 Singapore cents, up 39.7 per cent, or 2.5 Singapore cents, with 15.3 million shares exchanging hands.

Meanwhile, shares in e-commerce firm Y Ventures rose 41.3 per cent, or 2.6 Singapore cents to 8.9 Singapore cents, with some 8.1 million shares being traded.

Both companies were among the most heavily traded counters on the Singapore bourse for the morning.

In separate filings on Thursday, SGX asked the companies if they were aware of any possible reasons that might explain the trading activities, and whether they were in compliance with Catalist listing rules. 

On March 18, Synagie Corporation announced that it launched Kiasu.me, a mobile app and cloud platform offering "pay-as-you-use" lifestyle insurance policies, which cover personal gadgets, family and cyber risks to protect consumers from threats and hazards in their digital lifestyle.

Separately, Y Ventures on March 13 said it has appointed Deloitte & Touche Enterprise Risk Services as an independent reviewer to assess lapses in its internal controls, and the impact of adjustments to prior years' financial statements.

The appointment of the independent reviewer was made in consultation with Singapore Exchange Regulation (SGX RegCo) and the Catalist-listed company's sponsor, RHT Capital. It follows a series of queries by SGX RegCo about accounting mistakes that Y Ventures announced on Jan 21.

Those mistakes led the company to restate its half-year financials, for the six months ended June 30, 2018, to a net loss of US$977,556 from a previously reported net profit of US$131,186.

On Feb 28, Y Ventures said that its unaudited full-year 2018 loss widened to US$3.6 million, from an audited 2017 loss of US$787,433.