SGX issues query to ISR Capital, the fourth in six months

FOR the fourth time in six months, Singapore Exchange (SGX) on Thursday issued a trading query to mainboard-listed ISR Capital. The latest query also makes it the second query this week directed at the company.

As at 1.40pm, the stock was trading 21 per cent or six cents lower at S$0.225, with volume of 5.4 million, making it among the top value traded counters.

On Monday, SGX queried the company on whether its Al Maynard valuation report of US$1.1 billion was done in accordance with the SGX listing rules.

The bourse operator had said the report did not disclose a discussion on the data collection, and quality control for the mineral resources estimates, as well as details on how the mineral resource estimates were derived, among other things.

The earlier query followed questions put to ISR Capital's audit committee on the consideration of S$40 million paid by the company for a 60 per cent stake in Tantalum Holding (Mauritius).

The purchase price was at purportedly seven times the price of 3.7 million euros (S$5.6 million) paid by the vendor, REO Magnetic Pte Ltd, just six months ago.