SGX RegCo Urges Caution When Dealing In Shares Of Mirach Energy Limited

BackSep 24, 2019
Announcement Title General Announcement
Date & Time of Broadcast Sep 24, 2019 17:19
Status New
Announcement Sub Title SGX RegCo urges caution when dealing in shares of Mirach Energy Limited
Announcement Reference SG190924OTHR4AGW
Description (Please provide a detailed description of the event in the box below) Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in the shares of Mirach Energy Limited ("Mirach").

The share price of Mirach had climbed steadily from $0.130 on 8 February 2019 to $0.290 on 3 September 2019, an increase of $0.160 or 123%. In particular, between 29 April 2019 and 15 May 2019, when the STI declined 188.25 points or 5.53%, the closing price of Mirach shares rose from $0.163 to $0.197, an increase of $0.034 or 21%.

SGX's review of the trades in Mirach between 8 February 2019 and 3 September 2019 showed that a small group of individuals was responsible for over 69% of the buy volume of Mirach shares. These individuals appear to be connected to each other.

It is further observed that since 8 February 2019, Mirach's market capitalization has increased approximately $18 million to reach $44.5 million on 20 September 2019.

Mirach is currently on the Watch-List under both the Financial Entry Criteria and the MTP Entry Criteria.

SGX RegCo is reviewing the trades in Mirach shares and will take the necessary actions including referring the case to statutory authorities where warranted.


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