Hot stock: Techcomp soars 71% on news of reorganisation

SCIENTIFIC equipment distributor Techcomp's counter has soared 71.62 per cent on Wednesday as at 1.28pm as news broke of its reorganisation plans.

The mainboard-listed company is trading at S$0.635 apiece, up S$0.265, and is the first among the top 20 gainers on the Singapore Exchange.

It announced on Wednesday that it will undergo a reorganisation, following agreements to sell 61.6 per cent of the company's shares to Baodi International Investment Company, which is ultimately owned by China's state-owned Assets Supervision and Administration Commission of the Yunnan Provincial People's Government.