SGX RegCo questions Metech International shares
The stock saw a contradicting rise of 51%, despite the STI observing a dip of 4.2% during the period.
Metech International Limited saw a trading query issued by the Singapore Exchange Regulation (SGX Regco) regarding its shares.
In the query, SGX Regco highlighted the share price of Metech rising by 51% to $0.375 on 21 December 2021, from a recorded value of $0.245 on 1 November 2021.
This was despite the Straits Time Index dipping by 133.97 points or 4.2% during this period.
Metech responded to this query by referencing an earlier announcement dated 24 September 2021, which talked about its subsidiary’s joint venture agreement regarding the lab-grown diamonds industry. Shareholder approval was obtained on 11 January 2022.
On 21 December 2021, a high of $0.375 was reached but fell accordingly to $0.21 on 19 January 2022. This was again in contract with the STIm which climbed by 198.86 points, or 6.5% in the same period.
A review by SGX Regco found that a group of accounts were responsible for 54% of the buy volume from 1 November to 21 December 2021, and 51% of sell volume from 22 December 2021 to 19 January 2022 in Metech shares. The individuals behind the accounts appear to be connected, with them trading Metech shares with each other.
SGX RegCo is currently reviewing the trades in Metech shares, and will bring in the appropriate authorities where warranted.