The company is currently on SGX’s watchlist.

ASL Marine A04 has received a query from the Singapore Exchange Regulation (SGX RegCo) after shares in the company surged some 70.6% to 5.8 cents at 3.02pm on May 11.

In its query, the market regulator asked the company to explain any potential reasons behind the surge and to confirm its compliance with the listing rules.

The company is led by chairman and CEO Ang Kok Tian (picture) and his family.

For its most recent 2QFY2023 quarter ended Dec 31, the company incurred a loss of $13 million, versus $7.6 million from a year earlier. Revenue in the same period was up 30.6% y-o-y to $69.4 million.

The company is slated to report its 3QFY2023 earnings tomorrow, May 12.

As at 3.37pm, shares in ASL Marine are trading 2.1 cents higher or 61.77% up at 5.5 cents. The company is currently on SGX’s watchlist.

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