SGX queries Parkson Retail Asia on trading volume

Department store operator Parkson Retail Asia has been asked by the Singapore Exchange (SGX) about the "unusual volume movements" in the trading of its stock after turnover soared to more than three times its average three-month volume yesterday.

About 8.8 million shares changed hands, with the stock surging 180 per cent, or 1.8 cents, to close at 2.8 cents.

In contrast, the monthly average of the company's cumulative trading volume in the past three months was 2.48 million shares.

Only 240,000 shares changed hands on Wednesday and 963,000 shares on Tuesday.

The SGX asked Parkson Retail if it knew of any possible explanation for yesterday's trading, including public circulation of information by rumours or reports. It also asked the company to confirm its compliance with mainboard listing rules.

Parkson Retail joined the SGX watch list on Dec 5 last year for not meeting the minimum trading price entry criterion.

Its latest public announcement came on May 15 when it released results for the third quarter that ended on March 31. It posted a net loss of $5.39 million, narrowing from a loss of $8 million a year earlier.

Parkson Retail appointed new chief financial officer Chua Tian Pang on March 1, after Mr Chia Cang Yang resigned on Nov 4.

Chief executive officer Larry Michael Remsen quit on Dec 21 to relocate to the United States, according to a bourse filing. A new CEO has not been appointed.

A version of this article appeared in the print edition of The Straits Times on June 21, 2019, with the headline 'SGX queries Parkson Retail Asia on trading volume'. Print Edition | Subscribe