SGX queries Y Ventures, Synagie over share spikes

It cites unusual price movements in shares of Catalist-listed firms after counters soar by about 40%

The Singapore Exchange (SGX) yesterday queried two Catalist-listed firms, Synagie Corporation and Y Ventures, citing "unusual price movements" in their shares, after both counters shot up by about 40 per cent in early morning trading.

At 11.28am, shares in e-commerce solutions provider Synagie were trading at 8.8 cents, up 39.7 per cent, or 2.5 cents, after 15.3 million shares changed hands.

Meanwhile, shares in e-commerce firm Y Ventures rose 41.3 per cent, or 2.6 cents to 8.9 cents, with 8.1 million shares traded.

Both firms were among the most heavily traded counters on the Singapore bourse yesterday morning.

In separate filings yesterday, SGX asked the companies if they were aware of any possible reasons that might explain the trading activities and whether they were in compliance with Catalist-listing rules.

Last month, Synagie announced that it had launched Kiasu.me, a mobile app and cloud platform offering "pay-as-you-use" lifestyle insurance policies, which cover personal gadgets, family and cyber risks to protect consumers from threats and hazards in their digital lifestyle.

Separately, Y Ventures last month said it had appointed Deloitte & Touche Enterprise Risk Services as an independent reviewer to assess lapses in its internal controls and the impact of adjustments to prior years' financial statements.

The appointment of the independent reviewer was made in consultation with Singapore Exchange Regulation and the Catalist-listed company's sponsor, RHT Capital.

It follows a series of queries by Singapore Exchange Regulation about accounting mistakes that Y Ventures announced in January.

Those mistakes led the company to restate its half-year financials for the six months ended June 30, 2018, to a net loss of US$977,556 (S$1.3 million) from a previously reported net profit of US$131,186.

In February, Y Ventures said its unaudited full-year 2018 loss widened to US$3.6 million, from an audited 2017 loss of US$787,433.

A version of this article appeared in the print edition of The Straits Times on April 05, 2019, with the headline 'SGX queries Y Ventures, Synagie over share spikes'. Print Edition | Subscribe