Announcements
SGX RegCo Issues Trade With Caution Alert On Shares Of Yinda Infocomm Limited
Mar 30, 2021
| Announcement Title | General Announcement |
| Date & Time of Broadcast | Mar 30, 2021 17:25 |
| Status | New |
| Announcement Sub Title | SGX REGCO ISSUES TRADE WITH CAUTION ALERT ON SHARES OF YINDA INFOCOMM LIMITED |
| Announcement Reference | SG210330OTHRK5Y4 |
| Submitted By (Co./ Ind. Name) | SINGAPORE EXCHANGE REGULATION PTE. LTD. |
| Designation | SURVEILLANCE |
| Description (Please provide a detailed description of the event in the box below) | Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in the shares of Yinda Infocomm Limited ("YIL"). The share price of YIL climbed steadily from $0.053 on 24 September 2020 to $0.149 on 30 March 2021, a rise of $0.096 or 181%. The Straits Times Index increased 30.2% during the same period. SGX RegCo notes five key corporate actions YIL announced where the volume weighted average price of its shares was integral to the transactions: 1. On 29 September 2020, YIL announced a proposed placement of 76,000,000 new ordinary shares at an issue price of S$0.05, a discount compared to the volume weighted average price of S$0.053 on 24 September 2020 used in the 29 September 2020 announcement. 2. On 15 November 2020, YIL announced a proposed placement of 81,200,000 new ordinary shares at an issue price of S$0.072, a discount compared to the volume weighted average price of S$0.0796 on 11 November 2020 used in the 15 November 2020 announcement. 3. On 13 December 2020, YIL announced a proposed placement of 41,300,000 new ordinary shares at an issue price of S$0.077, a discount compared to the volume weighted average price of S$0.0803 on 9 December 2020 used in the 13 December 2020 announcement. 4. On 26 January 2021, YIL announced a proposed placement of 167,400,000 new ordinary shares at an issue price of S$0.125, a discount compared to the volume weighted average price of S$0.1367 on 21 January 2021 used in the 26 January 2021 announcement. 5. On 26 January 2021, YIL announced the proposed acquisition of 51.0% shareholding in the total ordinary share capital of International Biometrics Pte. Ltd. A total of 143,333,000 consideration shares will be issued and allotted at an issue price of S$0.15, a premium compared to the volume weighted average price of S$0.1367 on 21 January 2021 used in the 26 January 2021 announcement. The Company s placements proceeds were to be utilized for working capital and new business opportunities, including diversifying into identity management biometrics technology solutions through the acquisition of International Biometrics Pte. Ltd. ("Proposed Acquisition"). The business diversification and Proposed Acquisition are subject to shareholders approval on 31 March 2021. SGX RegCo observed that the same person acted as the introducer in all five of these announcements. SGX RegCo s review of the trades in YIL shares further showed that a group of accounts appeared to be influencing the share prices of YIL. Our initial findings suggest the individuals behind these accounts are likely connected to the introducer. -end- |
DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement. |
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