SGX RegCo Urges Investors to Trade ISOTeam Ltd Shares with Caution

​Singapore Exchange Regulation ("SGX RegCo"), a wholly-owned subsidiary of Singapore Exchange (SGX) that undertakes all frontline regulatory functions on behalf of SGX and its regulated subsidiaries, has urged investors and potential investors to trade with caution when dealing in shares of ISOTeam Ltd ("ISOTeam").  

Accoding to SGX RegCo's release, the share price of ISOTeam surged to $0.149 on 24 September 2020 from $0.139 on 23 September 2020. Its share price has remained steady around $0.147 since then.

SGX RegCo's review showed that a small group of accounts was responsible for over 71% of the traded volume in ISOTeam shares between 24 September and 24 November 2020. The same group of accounts was responsible for more than 83% of the buy trades during the surge on 24 September 2020.

"The individuals behind these accounts appear to be connected to each other," said SGX RegCo, adding that there were cross trades between these accounts during the period under review. These cross trades consisted of slightly over 55 per cent of on-market traded volume. Meanwhile, these accounts engaged in trading among themselves on 41 of the 44 trading days between Sept 24 and Nov 24.

SGX RegCo is further reviewing the trades in ISOTeam shares and will take the necessary actions including referring the case to statutory authorities where warranted.