Alpha Energy Holdings only announced on Nov 18, 2019, that its creditor had declared the entire principal sum of US$64 million owed as immediately due and payable. The principal sum demanded was approximately 10 times the value of the company’s current assets as of June 30, 2019. Following the announcement, trading in Alpha Energy’s shares was suspended immediately.
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $137,000 on Ang Yew Jin Eugene for insider trading of Alpha Energy Holdings’ shares. Alpha Energy is now known as Alpha DX.
Ang, a former non-executive director of Alpha Energy, sold 2.4 million shares in the company on Nov 13, 2019, when he knew that the group had failed to pay its loan to a lender and was asked to pay the entire principal sum immediately.
