Sunrise Shares responds to SGX query on unusual trading activity

SUNRISE Shares Holdings, the electrical products trader and distributor, said on Wednesday that it is not aware of any information not previously announced that might explain the unusual trading activity in its shares on Wednesday.

Sunrise shares surged 3.7 Singapore cents or 119.36 per cent to S$0.068 on Wednesday, on volume of 72.8 million. Most of the buying took place in the late afternoon.

The unusual price movement drew a query from the surveillance team of the Singapore Exchange at 5.08pm.

The group confirmed that it was in compliance with the listing rules, but noted that on Aug 19, substantial shareholder Hong Kong Sunrise Wealth Management Company Limited transferred its entire 29.1 per cent stake in Sunrise to LC International Holdings.

Separately on Aug 31, shareholder Cheung Chi Hung also transferred his 14.8 per cent stake in Sunrise to his vehicle, All Powerful Universe Investment, the group also noted.

The group said: "The company had also consulted with the aforementioned substantial shareholders to which both parties have confirmed that there was no sale carried out in relation to the shares owned by them."