Nippecraft Limited, in its response to the query issued by the Singapore Exchange Regulation (SGX RegCo) on June 29, said that the company will continue to review its options in relation to its property on 9 Fan Yoong Road.
“The company is in discussions with an unrelated third party on the property. However, there is no certainty or assurance that these discussions will lead to a sale of the property,” reads the statement released by Nippecraft. “The company will update shareholders when there are any material developments.”
Other than that, the company has denied any information not previously announced that might explain the “unusual volume movements” as noted by the market regulator.
It adds that it is in compliance with the listing rules.
At 9.22am on June 29, SGX RegCo issued a query to Nippecraft, after shares in the company surged 26.8% to 5.2 cents from the 4.1 cents at last close.
Shares in the company surged further to an intra-day high of 5.4 cents before holdings steady at 5.2 cents from 10.12am onwards.
See also: China International Holdings triggers SGX query after shares surge over 116% (update)
The last time shares reached levels above the five-cent mark was in February.
Shares in Nippecraft Limited closed 1.1 cents higher or 26.8% up at 5.2 cents on June 29. The company saw some 15.03 million shares changed hands, compared to the previous day’s volume of 1.2 million.
