SINGAPORE (Oct 14): Amid a global economic slowdown and uncertainty in the macroeconomic environment, investors tend to seek refuge in safe-haven assets such as gold, and insiders’ purchases of shares in companies that benefit from rising gold prices is worth noting.
On Oct 3, pawnbroker MoneyMax Financial Services acquired 1.25 million shares in an off-market transaction through Money Farm, an investment holding company that owns MoneyMax, for a total consideration of $200,000, which translates into 16 cents per share. Following the transaction, Money Farm now owns 220.5 million shares, or a 62.3% stake, in the company.
At first glance, MoneyMax’s share price appears prone to fluctuations. Year to date, its shares have fallen 6.67% to close at 14 cents on Oct 9, valuing the company at $47.76 million. It listed in August 2013 at 43 cents.
