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Y Ventures says 'not aware' of reasons for unusual trading activity

CATALIST-LISTED e-commerce firm Y Ventures said on Monday that it is not aware of any information not previously announced that might explain the unusual price movements in its shares.

Y Ventures shares crashed 18.84 per cent or 2.6 Singapore cents on Monday to S$0.112, with close to 30 million shares changing hands.

Y Ventures did note however that it had commenced discussions with a counterparty to explore a potential joint venture though to date, no definitive terms or formal legal documentation have been agreed on, and no binding agreement signed between the parties.

Monday's price action prompted a query from the surveillance arm of the Singapore Exchange (SGX). It is the second query to be issued to Y Ventures in the past four months.

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On June 18, shares in Y Ventures surged 34.31 per cent or 3.5 Singapore cents to S$0.137, with 36.6 million shares traded.

On Apr 4, shares in Y Ventures soared 41.27 per cent or 2.6 Singapore cents to S$0.089, with 26.9 million shares changing hands.

In reply to SGX's query on both occasions, Y Ventures said it could not explain the increase in share price and trading volume.