Hotel Properties Limited (HPL) says it is “not aware” of any information that might have led to the “unusual” share price movements that took place around 9.32am on May 16.
At around 9.14am, shares in HPL surged to 4.49 cents from its last-closed price of 4.32 cents, which triggered a query by the Singapore ExchangeRegulation (SGX RegCo).
Shares in the company climbed to an intra-day high of 4.72 cents at around 11.28am and remained at that level till around 2.44pm. At 2.48pm, shares in HPL fell to 4.62 cents before falling further to an intra-day low of 4.32 cents at 4.06pm.
In its response, HPL denied any knowledge of the swings in trading and confirmed its compliance with the listing rules, particularly Mainboard rule 703, which states that issuers must announce any information that may materially affect the price or value of its securities.
For its FY2024 ended Dec 31, 2024, HPL reported earnings of $27.2 million, 95.1% lower y-o-y, due to lower net fair value gains.
On April 14, the company announced that Ong Beng Seng, its managing director and co-founder, will step down due to health reasons.
See also: China International Holdings triggers SGX query after shares surge over 116% (update)
On May 5, DBS Group Research floated the idea of a potential stake sale or takeover of the company due to several reasons, including its Orchard assets.
Shares in HPL closed at a 52-week high of 4.42 cents on May 16. About 544,900 shares changed hands with the bid price at 4.41 cents and the ask price at 4.43 cents.
