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fka PAN ASIAN HOLDINGS
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tedlim
Veteran |
09-Jul-2022 08:39
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GG LIAO... SGX RegCo issues &lsquo trade with caution&rsquo alert on Sevens Atelier
SEVENS Atelier : 5EW +14% was issued with a &ldquo trade with caution&rdquo alert by Singapore Exchange Regulation (SGX RegCo) on Friday (Jul 8), after its share price rose by 252.3 per cent from S$0.088 on Apr 28 to a high of S$0.31 on Jul 8 (Friday).
SGX RegCo noted that in the same period, the Straits Times Index had fallen by 6.1 per cent.
On Jun 13, the bourse watchdog issued a trading query to the company, formerly known as Pan Asian Holdings, about the unusual price movements in its shares.
In response, the company referenced an announcement on May 20, in which it sought approval to diversify into the design-and-build business through the proposed acquisition of Sevens Creation.
On April 28, 2022, Pan Asian Holdings Limited (Catalist:5EW) entered into a conditional sale and purchase agreement to acquire Sevens Creation Pte. Ltd from Mr. Cheng Lye Meng Eric for SGD 12 million on April 28, 2022.
Sevens Creation Pte. Ltd. which owns two wholly owned subsidiaries, Sevens Build Pte. Ltd. and Sevens Design Pte. Ltd. collectively, the target Group. The consideration for the sum of SGD 12 million for proposed acquisition which shall be satisfied by the Company in full by the issuance of unsecured loan notes by the Mr. Cheng Lye Meng Eric to the Pan Asian Holdings on the completion of the Proposed Acquisition.
In its circular, the company said that it has engaged in four principal businesses, including the general trading and supply of piping systems and related accessories, as well as the manufacturing, sales and distribution of valves.
On Jul 7, SGX RegCo issued another trading query to Sevens Atelier on unusual price movements, to which the company said it was not aware of any possible explanation.
SGX RegCo noted that between Apr 29 and Jul 8, a small group of accounts were responsible for over 70 per cent of the &ldquo buy&rdquo volume in Sevens Atelier shares.
The regulator&rsquo s initial findings also suggest that the accounts appeared connected to each other and to the vendor of Sevens Creation.
In response to a trading query on June 13, Sevens Atelier made reference to its May 20 announcement that had issued a circular seeking shareholders' approval to sell its existing business, and to also diversify into design and build business through the proposed acquisition of Sevens Creation.
The go-ahead was given by shareholders at an EGM on June 14. They also gave the go-ahead to change the company' s name to Sevens Atelier from Pan Asian Holdings.
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tedlim
Veteran |
09-Jul-2022 08:28
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Eric Cheng plastered all over this Company...AVOID for me!!!! | ||
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LowLow12
Elite |
08-Jul-2022 18:32
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Good money take and go
Thanks to seven creations for the good job so that those who bought here since sub 10 all make good money Left throw to right right throw to left Didn?t the BBs see this coming? Illiquid stocks always end up with trade with caution when pump up
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spursfan
Supreme |
08-Jul-2022 17:54
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From 6cts in mid April to hit 31 cts this morning. Just some news on diversification of business n old ceo selling stake to news investors . Luckily took my profit just before closing. Now under sgx radar. SGX RegCo issues Trade with Caution alert on shares of Sevens Atelier Limited https://links.sgx.com/1.0.0/corporate-announcements/M792R4WFPAIH5YK8/de8edda7cc423e949804fcaa6b319a4a9c00bbb60323a8d606d3d71d95a9830a |
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