SGX RegCo issues ‘trade with caution’ alert on Digilife Technologies
Elysia Tan
SINGAPORE Exchange Regulation (SGX RegCo) on Wednesday (Apr 12) issued a “trade with caution” alert on Digilife Technologies , after its share price rose by 157 per cent or S$1.76, from S$1.12 on Jan 6 to S$2.88 on Apr 11.
The bourse regulator noted that in the same period, the Straits Times Index climbed 21.11 points or 0.6 per cent.
It said that between Mar 1 and Apr 11, Digilife Tech’s share buybacks contributed to about 70.6 per cent of the stock’s buy volume. In that period, the stock’s share price rose S$1.08 or 60 per cent, from S$1.80 to S$2.88.
This resulted in its market capitalisation surging to S$38.6 million on Apr 11, up by about S$14.3 million and above its most recently announced net asset value of S$30 million as at Dec 31, 2022.
SGX RegCo also highlighted that Sevak Limited, which the company was known as before a 2021 name change, was also issued with a “trade with caution” alert in January 2019, in relation to trading activities from its share buyback account.
It added that it is continuing to review and monitor trades in Digilife Tech’s shares and will take all necessary actions, including referring the case to statutory authorities where warranted.
The counter closed at S$2.86 on Wednesday, down S$0.02 or 0.7 per cent, before the alert was issued.
Copyright SPH Media. All rights reserved.
