SGX RegCo urges caution when dealing in Mirach Energy shares

Singapore

SINGAPORE Exchange Regulation (SGX RegCo) on Tuesday urged investors and potential investors to exercise caution when dealing in the shares of Mirach Energy, flagging that a small group of individuals was responsible for nearly 70 per cent of the buy volume of the stock over a nearly seven-month period.

Mirach's share price has risen steadily from 13 Singapore cents on Feb 8 this year to 29 cents on Sept 3. Between April 29 and May 15, when the Straits Times Index fell 188.25 points or 5.53 per cent, the closing price of Mirach's shares rose from 16.3 cents to 19.7 cents, up 21 per cent.