Mon, Nov 16, 2020 - 11:02 AM
SHARES of Medtecs International soared at the start of the week, after the personal protective equipment and hospital service provider said it is planning to transfer its listing from the Catalist to the mainboard of the Singapore Exchange.
As at 10.48am on Monday, the counter was trading at S$1.00, up 11.5 cents or 13 per cent. Some 30 million shares changed hands, making it one of the most heavily traded counters on the Singapore bourse in early trade.
Shareinvestor data showed that there were no married trades, though a number of large trades, with a value of more than S$150,000 each, were transacted.
The company is hoping that a transfer to the mainboard would better allow it to attract institutional investors and reach out to a wider investor base, both within Singapore and overseas.
Medtecs on Monday also said that the group will be included in the MSCI Singapore Small Cap Index after market close on Nov 30.
Medtecs' share price surge comes shortly after Aspen Holdings similarly saw a meteoric rise in its shares after announcing a proposed placement, with the latter eyeing a mainboard transfer as well.
Aspen shares advanced 15.1 per cent to 30.5 Singapore cents by the closing bell last Monday, after the Malaysian property developer and soon-to-be glove maker announced a proposed placement to raise up to S$23.8 million. The counter was trading at 22.5 Singapore cents in early trade on Monday, up 0.5 cent or 2.3 per cent.
In a bourse filing last week, Aspen said it decided to undertake the placement to meet the minimum shareholding spread requirements applicable to mainboard-listing applicants, and to strengthen the group's financial position and flexibility to capitalise on growth opportunities.
Separately, in line with broad market gains on the Singapore bourse, healthcare plays also clawed back some ground on Monday. This comes after the counters dipped last week amid news that a potential Covid-19 vaccine being developed by Pfizer and BioNTech was shown to be highly effective.
Glove manufacturer UG Healthcare climbed 4.5 Singapore cents or 5.9 per cent to 81 cents on Monday morning, while Riverstone gained S$0.01 or 0.7 per cent to S$1.53.
Bucking the trend, however, was Top Glove, which fell S$0.03 or 1.2 per cent to S$2.50 in early trade.
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