Sembcorp Marine queried over ‘unusual' share price movement

More than 21 million shares of Sembcorp Marine were traded in Wednesday, fuelled by last-minute activity.

The last minute surge of Sembcorp Marine’s shares in Wednesday afternoon triggered a query from the SGX over “unusual price movements.”

Sembcorp Marine’s shares ended at $1.51 on Wednesday, up 7.86% from the $1.41-42 price it had maintained for most of the day. Activity surged approximately two hours before the market closed.

In total, more than 21 million shares of Sembcorp Marine were changed hands during the day.

The sudden activity prompted SGX to release a letter asking if Sembcorp Marine was aware of any issues not previously announced or other possible explanations for the trading activity.

Responding to the query, Sembcorp Marine said in a statement that it is “unaware of any information not previously announced concerning the Company, its subsidiaries or associated companies which, if known, might explain the trading activity” on Wednesday afternoon. The company also reaffirmed that it is in compliance with the listing rules and Mainboard Rule 703.

In the same statement, the company said that it “has noted various reports in the media and rating updates by stock broking firms recently that might have an impact on the share price,” and has no other explanation for the trading activity.

Sembcorp Marine also said that it will issue announcements if and when there are material contracts secured.