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Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in shares of Digilife Technologies Limited ("Digilife").
The price of Digilife shares has climbed steadily from $1.12 on 6 January 2023 to S$2.88 on 11 Apr 2023, an increase of $1.76 or 157%. The Straits Times Index rose by 21.11 points or 0.64% during the same period.
In particular, between 1 March 2023 and 11 April 2023, Digilife's share price rose $1.08 or 60% to $2.88 from $1.80 with Digilife’s share buy-back account contributing to about 70.6% of the buy volume for the stock. As a result, its market capitalisation rose by about $14.3 million to reach $38.6 million on 11 Apr 23, above its latest announced net asset value of S$30 million as at 31 December 2022.
SGX RegCo noted that Digilife underwent a name change with effect from 6 May 2021. It was previously known as Sevak Limited which was the subject of a Trade with Caution alert issued on 31 January 2019 in relation to trading activities by its share buy-back account.
SGX RegCo is continuing to review and monitor trades in Digilife shares and will take all necessary actions including referring the case to statutory authorities where warranted.
