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SINGAPORE Exchange Regulation (SGX RegCo) on Thursday warned shareholders and potential investors to exercise caution when dealing in shares of building maintenance firm ISOTeam.
This came after the counter surged to S$0.149 on Sept 24, up 7.2 per cent from S$0.139 from Sept 23, and has steadily remained around S$0.147 since. SGX RegCo flagged that some 71 per cent of the traded volume in ISOTeam's shares between Sept 24 and Nov 24 stemmed from a small group of accounts. These accounts were responsible for over 83 per cent of the buy trades on Sept 24, when the stock surged.
"The individuals behind these accounts appear to be connected to each other," said SGX RegCo, adding that there were cross trades between these accounts during the period under review. These cross trades consisted of slightly over 55 per cent of on-market traded volume. Meanwhile, these accounts engaged in trading among themselves on 41 of the 44 trading days between Sept 24 and Nov 24. SGX RegCo is further reviewing the trades and will take necessary action, including referring the case to the authorities, where warranted, it highlighted. The share price movement occurred amid ISOTeam's results release - which took place on Oct 30 - for the year ended June 30, 2020. It chalked up a full-year loss of S$21.49 million, sinking into the red from a profit of S$6.3 million previously
THERE are no changes to the Straits Times Index (STI) constituents following the December quarterly review. The STI reserve list, comprising the five highest-ranking non-constituents of the STI by market capitalisation, will be Frasers Logistics & Commercial Trust, Suntec Reit, Frasers Centrepoint Trust, NetLink NBN Trust and Keppel Reit. Stocks on the reserve list will replace any constituents that become ineligible as a result of corporate actions before the next review. The next review takes place in March next year.
Hong Lai Huat Group
Hong Lai Huat Group is proposing to undertake a renounceable non-underwritten rights issue to raise up to S$26.9 million to finance its second mixed-use development project in Phnom Penh.
It proposes to issue up to 295.91 million new ordinary shares on the basis of four rights shares for every three existing ordinary shares held by shareholders at an issue price of S$0.091 per rights share. The issue price represents a discount of 36.4 per cent to the last transacted price of the shares on Dec 3.