Mirach Energy: Not aware of reason for stock’s surge

Singapore two-dollar bills

Mirach Energy isn’t aware of a reason for its share price’s surge on Friday, the company told SGX Monday in response to a query from the exchange.

On Friday, the stock surged around 39 percent to close at S$0.25 in strong volume. That followed the stock’s tumble to as low as S$0.071 on 4 October after it climbed to as high as S$0.29 on 3 September.

“The company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which might explain the trading,” Mirach said. “The company is not aware of any other possible explanation for the trading.”

In late September, SGX RegCo had urged caution in trading Mirach’s shares after they climbed 123 percent from S$0.13 on 8 February to S$0.29 on 3 September.

After review the trades over that period, SGX found a small group of individuals, who appear to be connected to each other, were responsible for 69 percent of the buy volume, it said in a filing to SGX at the time.

In August, Mirach’s subsidiary RCL Kelstar entered into tie-ups with Zhejiang Bei Ding Investment Co. to develop a durian cropping venture, according to a Business Times report.

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