Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in shares of 9R Limited ("9R").
The price of 9R shares rose from the closing price of $0.039 on 4 June 2024 to $0.058 on 14 August 2024 (representing a rise of $0.019 or 48.7%). During this period, the FTSE Catalist Index fell 5.38 points or 3.2%. On 14 August 2024 after market close, 9R announced its half yearly results, recording a loss for the period and negative cash flows from operating activities. However, the price of 9R shares remained steady around $0.058 from 15 August till 8 November 2024.
SGX RegCo’s review of the trading activities between 4 June and 8 November 2024 showed that trades by a few trading accounts accounted for about 85% of the buy trades. Initial findings show that multiple clients were behind each account and most of these clients appear to be connected.
SGX RegCo continues to review and monitor trades in 9R shares and will take all necessary actions including referring the case to statutory authorities where warranted.
