THE Singapore Exchange Regulation Company (SGX RegCo) has urged investors to exercise caution when dealing with shares of 9R Limited.
In a trade with caution alert on Wednesday (Nov 13), RegCo noted that the price of 9R shares rose 48.7 per cent or S$0.019 from S$0.039 on Jun 4 to S$0.058 on Aug 14. The counter was up despite the FTSE Catalist Index falling 5.38 points or 3.2 per cent during the same period.
The company would go on to announce its first half of 2024 results on Aug 14, where it recorded a loss for the period with negative cash flows from operating activities. Despite the negative results, 9R’s share price held steady around S$0.058 from Aug 15 to Nov 8.
A review of the trading activities between Jun 4 and Nov 8 showed that 85 per cent of buy trades of 9R shares were from a few trading accounts. SGX RegCo’s initial findings show that multiple clients were behind each account, and most appear to be connected.
The review and monitoring of 9R shares will continue and SGX RegCo will take necessary actions including referring the case to the authorities.
Shares of 9R closed up 7.7 per cent or S$0.004 at S$0.056 on Thursday.
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