
SGX RegCo flags unusual trading in 9R shares, advises caution
Its shares rose 48.7% from June to August.
The Singapore Exchange Regulation (SGX RegCo) has advised investors and potential investors to exercise caution when trading shares of 9R Limited (9R).
According to the regulator, the karaoke chain's shares rose 48.7% from $0.039 on 4 June to $0.058 on 14 August 2024, despite the FTSE Catalist Index declining.
After 9R reported a half-year loss, its share price also remained stable.
SGX RegCo’s review revealed that 85% of buy trades were concentrated in a few accounts, indicating possible connections among multiple clients.
SGX RegCo said it will continue monitoring the trading of 9R shares and take necessary actions, including referral to statutory authorities if warranted.