SGX RegCo issues Trade with Caution alert on Memiontec Holdings
FRONTLINE regulator Singapore Exchange Regulation has issued a Trade with Caution alert on shares of Memiontec Holdings SYM : SYM 0% and urges the investing community to exercise caution when dealing in the counter.
The regulatory arm of the bourse operator on Friday (Jan 14) noted in the statement published by the Catalist-listed wastewater and water management solutions company that a group of accounts was responsible for approximately 33.7 per cent of the buy volume in Memiontec shares between Aug 3, 2021 and Jan 12, 2022.
More than half of these trades during this period were due to this group of individuals trading among themselves, Singapore Exchange Regulation (SGX RegCo) pointed out.
The frontline regulator stated: "We have observed several instances of unusual price spikes. In particular on Jan 11 and Jan 12, 2022, the group accounted for 39.4 per cent to 44.5 per cent of the buy volume, resulting in a price rise of 14.7 per cent and 21.8 per cent respectively."
The share price of Memiontec rose from S$0.24 to S$0.95 during this period - a surge of S$0.71 or almost 300 per cent - whereas the blue-chip gauge Straits Times Index gained only 3.4 per cent.
Memiontec was queried by the frontline regulator on the unusual price movements in its shares on Sep 14, 2021 and Jan 12, 2022. The company responded on both occasions that it was not aware of any reasons that could explain the unusual price movements.
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SGX RegCo said it has referred the matter to the authorities for their necessary actions, without elaborating which authorities.
Memiontec shares rose by S$0.01 to close at S$0.81 on Friday, before the trading alert by SGX RegCo went public.
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