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Y Ventures queried by SGX after shares jump 18%

THE Singapore Exchange (SGX) on Friday queried Catalist-listed Y Ventures on its unusual trading activity, the third such query to the e-commerce firm in the past six months.

Its shares jumped 1.9 Singapore cents or 18.1 per cent to 12.4 cents as at 2.42pm after 56 million shares changed hands. They closed at 12 cents, up 1.5 cents or 14.3 per cent on 75 million shares traded.

About half an hour before the market close, Y Ventures responded to SGX that as per its Oct 14 announcement, it had commenced discussions with a counterparty to explore a potential joint venture (JV). However, as at Friday, no definitive terms or formal legal documentation had been agreed on, and no binding agreement in relation to that potential JV had been entered into between the parties, Y Ventures said.

The company added that it will update shareholders if there are further developments. Aside from the potential JV, Y Ventures said it does not know of any information not previously announced which might explain the price surge and heavy trading volume.

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In October, it also replied to a similiar SGX query by saying it was not aware of any possible explanation for the trading activity.

Y Ventures shares had on Oct 14 crashed 18.84 per cent or 2.6 Singapore cents to S$0.112, with almost 30 million shares changing hands.