Y Ventures: Not aware of reason for share price drop

Singapore two-dollar bills

In response to a query from SGX, Y Ventures said Monday it wasn’t aware of any information not previously announced to explain the sharp drop in its share price.

The stock tumbled 18.84 percent Monday to end at S$0.112 as selling emerged in the afternoon session on strong traded volume.

Y Ventures pointed only to ongoing talks as a potential driver of interest in the shares.

“The company has commenced discussions with a counterparty to explore a potential joint venture. Till date, no definitive terms or formal legal documentation have been agreed on, and no binding agreement in relation to the potential JV have been entered into between the parties,” the company said in the statement.

Earlier this month, Y Ventures said it appointed Evolve Capital Asia as a financial adviser for its strategic review, which will include current investments, mergers and acquisitions and joint ventures.

In September, the e-commerce data-analytics company said it planned a placement of 24.66 million new shares — or around 10.74 percent of Y-Ventures’ enlarged share capital — at S$0.0812 to raise around S$2.0 million to fund its expansion via strategic partnerships and acquisitions.

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