SIA Engineering responds to SGX query on unusual trading activity

SIA Engineering said on Friday that it is not aware of any information not previously announced that might have explained the unusual trading activity in its shares on Friday. 

Shares in the aircraft maintenance, repair and overhaul (MRO) services firm surged 20 Singapore cents or 9.9 per cent to close at S$2.22 on Friday, on volume of 2.87 million. Most of the rally took place before the lunch break.

The unusual price movement drew a query from the surveillance team of the Singapore Exchange at mid-day.

SIA Engineering confirmed that it was in compliance with listing rules, but noted: "There has been recent improvement in general market sentiments for the aviation industry arising from the gradual reopening of borders and announcements of partial restoration of flights.

"Furthermore, in the Fortitude Budget, the Singapore government is also providing additional support for the aerospace (including MRO) industry. Apart from the foregoing, the company is not aware of any other possible explanation for the trading."