The Place Holdings says it is in talks on projects and opportunities to explain share price spike

THE Place Holdings (TPH) is continually pursuing potential investment, collaboration and expansion projects, and opportunities to boost growth and enhance shareholder value, the company said late on Tuesday, in response to a query by the Singapore Exchange Regulation (SGX RegCo) earlier in the day.

Although the group is engaging in various discussions on such opportunities and projects, it said no definitive agreements have resulted from these talks, and there is no assurance any of them will materialise.

Just after 4.30pm on Tuesday, the bourse regulator had queried TPH about the unusual movements in its share price. The counter had closed at 11.4 Singapore cents on Monday, opened at 11.5 cents on Tuesday, and then hit 11.9 cents before the mid-day break.

Following the break, TPH shares made steady gains; at 2.30pm, the counter was trading at 12.6 cents, up 10.5 per cent or 1.2 cents. Two hours later, it hit 14.2 cents, up 24.6 per cent or 2.8 cents. The counter then see-sawed before closing at 14.2 cents on Tuesday.

SGX RegCo asked whether there was any company-related information not previously announced that might explain the trading, and whether the company knew of possible explanations for the trading, such as public circulation of information by rumours or reports. It also asked the company to confirm its compliance with listing rules.

In response to these questions, TPH suggested that its announcements on May 3 and May 5 contained "positive developments on the projects" the company is involved in, which may explain the share price movements. On May 3, the company had announced the completion of the acquisition of Realty Centre. Two days later, it announced a rise in valuation of Tianjie Yuntai Wanrun's Land; its change in land zoning from commercial to residential would mean a rise in gross floor area and the possibility of its residential villas being marketable to a wider group of buyers.

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TPH also cited a report by The Business Times about more than 80 per cent of the first phase of the 100 units of the One Bernam condominium - which is located next to Realty Centre - having been snapped up during its launch weekend. (see amendment note)

Save for these, TPH said it was unaware of any other explanation for the trading, and also confirmed its compliance with the listing rules. But it added it would make announcements at the appropriate time in line with the rules if any definitive agreement is reached.

Amendment note: An earlier version of this article incorrectly stated that One Bernam was owned by The Place Holdings. The article has been amended to reflect this.