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Hot stock: Serrano says unaware of reasons why share price up 210%

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INTERIOR-DESIGN contractor Serrano told the Singapore Exchange (SGX) that it was unaware of any reasons which could have led to its share price soaring 210 per cent on Tuesday.

Serrano opened at S$0.011 a share, and hit S$0.033. It was trading around S$0.031, up S$0.021, or 210 per cent, at 12:25pm when it called for a halt in the trading of its shares. By then, more than 47 million shares changed hands, making it the fifth most actively traded stock on SGX.

"The company and its directors are not aware of any information not previously announced concerning the group which might explain the trading of the shares today," Serrano said in reply to a query from SGX.

The financially troubled company had held a meeting with creditors on May 2, 2017, and succeeded in getting an extension of the effective date of its schemes by two months from May 3, 2017 to July 3, 2017.

For its fiscal 2016, Serrano sank deeper into the red, with net losses of S$111.6 million, compared to a net loss of S$29.7 million for fiscal 2015. Revenue fell S$77.4 million to S$17.2 million in FY2016.

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