.jpg)
Singapore Exchange Regulation Pte Ltd (“SGX RegCo”) urges investors and potential investors to exercise caution when dealing in the shares of Sevens Atelier Limited (“SAL”), formerly known as Pan Asian Holdings Limited.
The share price of SAL rose from $0.088 on 28 April 2022 to a high of $0.31 on 8 July 2022, a rise of $0.222 or 252.3%, despite a decline in the broad market. During this period, the Straits Times Index fell 203.83 points or 6.1%.
On 13 June 2022, SGX RegCo issued a trading query to SAL on unusual price movements in its shares. In its response, SAL made reference to earlier announcement on 20 May 2022 where it had issued a circular seeking shareholders’ approval on the disposal of its existing business, diversification to the design and build business through the proposed acquisition of Sevens Creation Pte Ltd, and proposed change of company’s name to SAL. Shareholders’ approval including for the change of name was obtained at the Extraordinary General Meeting on 14 June 2022.
On 7 July 2022, SGX RegCo issued another trading query to SAL on unusual price movements in its shares, to which the company responded that it was not aware of any possible explanation for the trading activity of the company’s shares.
SGX RegCo’s review of trading between 29 April 2022 and 8 July 2022 showed that a small group of accounts was responsible for over 70% of the buy volume in SAL shares. The individuals behind these accounts appear to be connected to each other, and our initial findings suggest that they are likely connected to the Vendor of Sevens Creation Pte Ltd.
SGX RegCo is continuing to review and monitor trades in SAL shares and will take all necessary actions including referring the case to statutory authorities where warranted.
