ISR Capital to commission third valuation report to support acquisition of rare earth concession

SINGAPORE (Dec 7): ISR Capital, whose shares have been suspended by the Singapore Exchange, intends to commission a third valuation report to support its proposed acquisition of a rare earth concession in Madagascar, says executive chairman Chen Tong in an announcement on Wednesday morning.

The company had earlier issued two reports both of which value the concession at more than US$1 billion ($1.4 billion). This drew a series of queries from SGX. ISR had on Nov 28 earlier said it will respond to the queries by Dec 2 but before it could do so, its shares were suspended by SGX on Nov 27.

This follows the company’s own request for a trading halt on Nov 24 when within two hours, it crashed 55% to 12.7 cents, after having gained more than 4,000% year to date.

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