SGX RegCo issues Trade With Caution alert on the shares of Healthbank Holdings
From 22 August 2022 to 1 November 2022, a total of 4,378,600 HHL shares were traded versus no trades executed in the 2 months before that. In particular, from 25 October 2022 to 1 November 2022, the share price soared by 75%, or $0.090, from $0.120 to close at $0.210.
SGX RegCo’s review of the trading activity showed that trades by a small group of market participants accounted for almost 80% of the total volume traded between 22 August 2022 and 1 November 2022. A few days later, on 4 November 2022, the Company released an announcement on a proposed acquisition and entry into an equity transfer agreement (the “Proposed Acquisition”) .
SGX RegCo is reviewing the trades in HHL shares and will take the necessary actions including referring the case to statutory authorities where warranted and subjecting the Proposed Acquisition to further review. SGX RegCo has therefore issued concurrent with this Trade with Caution alert, a Notice of Compliance to HHL on the Proposed Acquisition.
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