The Singapore Exchange (SGX) said it takes a serious view of all market misconduct in breach of the Securities and Futures Act, including potential insider trading and manipulation activities, the Business Times Daily reported.
The regulator was responding on Sunday to news reports highlighting Olam International Ltd’s escalating share price ahead of Temasek Holdings’ offer for the company last Friday. In the six weeks since Feb. 3, Olam’s counter had jumped 34.8 percent, leading market watchers to ask if some had gotten wind of the deal. Others questioned why Olam did not request for a trading halt earlier, and was not queried by SGX.
“We will spare no effort in conducting investigations on possible transgressions and will cooperate with regulatory agencies to enforce the law against offenders,” SGX said in its statement.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Singapore Newsroom; Editing by Sunil Nair)