INSURTECH company V2Y Corporation requested a trading halt during the midday break on Monday (Jul 8) after experiencing a significant surge in trading volumes in the earlier half of the session.
As at noon, its share price had had risen S$0.004 or 36.4 per cent to pause at S$0.015 with 18 million securities traded, making it the most actively transacted stock in terms of volume.
No married deals took place in early trade, according to ShareInvestor data.
V2Y eventually requested a trading halt at 12.44 pm, pending the release of an announcement.
The company was known as Synagie before it was renamed in 2020 following the disposal of its e-commerce business.
Its core insurtech business segment is mainly focused on the general insurance market and device protection in Singapore, covering smart watches, mobile phones, tablets and laptops.
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Responding to queries from the Securities Investors Association of Singapore (Sias) on Jun 21 this year, V2Y noted that increasing its service coverage plans has been “slow due to competition”.
The group said it was also considering other business opportunities to expand and improve its business performance to enable sustainable growth.
For the full year ended December 2023, the group’s revenue for its insurtech business segment fell 29.3 per cent year-on-year to just S$215,000, resulting in a loss of S$921,000. This was however significantly narrower than its loss of S$2.2 million the year prior due to lower administrative expenses and other operating expenses.
Sias nonetheless noted that administrative expenses for FY2023 remained “relatively high” despite the group’s implementation of cost-saving measures.
On Sias’ queries regarding its working capital, V2Y said its management was actively pursuing new business opportunities and corporate actions, as well as fundraising options. It also deemed its working capital as “sufficient”, adding that its management was actively seeking to pursue new business opportunities.
“The group remains in the process of tendering for a project overseas and will provide further updates on any material development as and when available,” said V2Y in its Jun 21 response.
