A "HANDFUL of individuals" who appear to be connected to one another have accounted for more than 60 per cent of the trades in International Healthway Corp (IHC) since April 2015 by trading among themselves, Singapore Exchange (SGX) said on Wednesday after the market closed.
SGX said it is working with the relevant regulatory agencies on the matter, and urged investors to exercise caution when dealing in shares of the healthcare services and facilities provider.
The market operator noted that the share price of IHC has remained steady between 29 and 32 Singapore cents since April, including during August when the general market experienced volatility. IHC shares closed unchanged at 31.5 Singapore cents on Wednesday.
IHC is in the process of pursuing an acquisition of Healthway Medical Corp (HMC) through a share swap. HMC shares closed at 5.6 Singapore cents on Wednesday.