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One of those rare, but confidence-building actions by Tan Boon Gin and Co.

SGX RegCo urges caution when dealing in Sevak shares, citing unusual price movements

SINGAPORE Exchange Regulation (SGX RegCo) on Thursday urged investors and potential investors to exercise caution when trading shares of IT solutions company Sevak Limited.

In an announcement, it noted that the share price of Sevak had climbed steadily from S$2.51 on Sept 17, 2018 to S$4.05 on Oct 19, 2018, a meteoric rise of S$1.54 or 61 per cent, despite a general decline in the broad market.

Since Sept 17, 2018, Sevak's market capitalisation has increased by about S$14.8 million to reach S$44.4 million on Jan 25, 2019. On Jan 24, 2019, Sevak announced that it had submitted an application to SGX-ST to exit the watch-list. SGX RegCo said that it is reviewing the trades in Sevak shares and will "take the necessary actions".
Possible Transaction in Relation to the Shares of the Company

Sevak Limited ("Company") announced that it has been notified today, 1 February 2019, after the close of trading hours, by its controlling shareholder, Smart Co. Holding Pte. Ltd. ("Controlling Shareholder"), of its intention to make a possible partial offer for the shares of the Company, directly or through its concert parties, pursuant to Rule 16 of the Singapore Code on Takeovers and Mergers which will result in the Controlling Shareholder and its concert parties holding in aggregate approximately 51% of the shares of the Company.

Shareholders should note that the Controlling Shareholder has in its notification to the Company emphasized that there is no assurance any transaction will eventually materialise, and no definitive or binding agreements have been reached in relation to the possible transaction.