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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|
|Announcement Sub Title||SGX RegCo urges caution when dealing in shares of Mirach Energy Limited|
|Submitted By (Co./ Ind. Name)||SINGAPORE EXCHANGE REGULATION PTE. LTD.|
|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.
DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement.