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

BackNov 05, 2019
Announcement Title General Announcement
Date & Time of Broadcast Nov 5, 2019 17:39
Status New
Announcement Sub Title SGX RegCo urges caution when dealing in shares of Mirach Energy Limited.
Announcement Reference SG191105OTHR9UBB
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 shares of Mirach Energy Limited ("Mirach").

SGX RegCo issued a Trade with Caution on trading in Mirach shares on 24 September 2019. The share price fell shortly after, but has increased significantly since then.

Between 25 September 2019 and 5 November 2019, the share price of Mirach rose from S$0.140 to a high of S$0.370, an increase of 164%. During this time, SGX RegCo issued trading queries to Mirach for unusual share price movements. The first query was on 18 October. Despite Mirach s negative response to the query, the share price of Mirach continued to climb. A second query was issued on 5 November 2019, and they have responded negatively to that as well.

That the unusual share trading in Mirach has continued relatively unabated is of concern to SGX RegCo.

In our review of the trading activities in Mirach shares, SGX RegCo determined that a single omnibus trading account accounted for 88.7% of buy volume in Mirach between 7 October 2019 and 5 November 2019. SGX RegCo understands that 4 individual trading accounts were behind the omnibus trading account. SGX RegCo has directed the relevant trading member to place trading restrictions on these accounts in respect of shares of Mirach.

SGX RegCo has also referred the matter to the authorities for their necessary actions.

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