Food Empire has drawn a query from the Singapore Exchange S68 for unusual trading activity.
As at 4.39 pm, its shares changed hands at $1.34, up 4.69%. It was earlier as high as $1.36.
Over the past year, its shares have gained 90%, as the company was able to report better numbers selling instant coffee and other products to emerging markets such as Vietnam and also Europe.
Analysts are expecting the company to report record earnings for FY2023.
The company is also eyeing another listing on the Hong Kong market, which is up today following news that China is readying a sizeable stimulus package.
In its response around five hours after SGX's query, Food Empire notes that it had on Oct 16 announced its intention to seek the dual primary listing.
See also: China International Holdings triggers SGX query after shares surge over 116% (update)
"Other than the above, the company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which might explain the recent trading," adds Food Empire.
Food Empire ended Jan 14 at $1.34, up 4.69%.
