SacOil Drops Plan to Sell Stock; Probes Share-Price Moves
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SacOil Holdings Ltd., an oil and natural gas explorer, dropped a plan to sell stock to selected investors and said it started a probe into movements in its securities amid concern about possible share-price manipulation.
While demand for the share sale was “substantial,” SacOil stopped the placing due to concerns it would dilute existing investors, recent moves in its shares and stock market volatility, the Johannesburg-based company said in a statement today. It has also raised concerns with the Johannesburg Stock Exchange about possible short-selling of its securities.