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NutryFarm gets SGX query after share price doubles

THE board of mainboard-listed NutryFarm International has said it is unaware of any undisclosed recent developments that could explain its unusual trading activity, the directors said on Wednesday evening.

Its share price had earlier doubled when trading resumed after the midday break, prompting queries from the Singapore Exchange (SGX) at 1.13pm.

The technology provider's shares reached an intra-day high of 12.1 Singapore cents as at 1.01pm, up 6.5 cents.

The counter eventually closed at S$0.11, up by 5.4 Singapore cents or 96.43 per cent.

The SGX had asked the company if it was aware of any information not previously announced concerning the company, its subsidiaries or associated companies which, if known, might explain the trading.

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Confirming its compliance with listing rules, the NutryFarm board said it was not aware of any unannounced material information or other possible explanation.

Besides that, it cited Monday’s announcement that the company had entered into placement agreements with two investors for the subscription of 19 million new shares.

The issue price of four Singapore cents apiece marks a premium of 8.1 per cent over the volume-weighted average price on the last market day before the planned placement agreements were signed. NutryFarm said at the time that the estimated net proceeds of S$720,000 would be used for working capital purposes.

The board of directors “collectively and individually takes responsibility for the accuracy of the aforesaid replies to the queries” from the SGX, it has now added.

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