THOMSON Medical Group has been granted three months by the Singapore Exchange (SGX) to explore options to restore its public float, which dropped below 10 per cent last week.

The company has until Dec 10, 2023 to do so, it said in a bourse filing on Tuesday (Sep 19). It is also allowed to continue in the trading of its shares during this period.

The company applied to the SGX on Sep 13 to seek approval for a period of three months for the public float to be restored, and to not suspend trading of its shares in the meantime.

On Sep 12, Thomson Medical reported that an internal verification it had carried out found that the percentage of shares held by public shareholders – amounting to more than 8,000 – had dipped to 9.98 per cent.

Under the public float rule, at least 10 per cent of the company’s shares must be held by public investors.

Thomson Medical noted that SGX’s approval is subject to the company “monitoring the public float and trading activity in its shares on an ongoing basis, and making an immediate request for a trading halt if there is any indication of disorderly trading”.

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The company added that it will make such announcements as may be necessary and/or appropriate to update shareholders on the restoration of the free float. This includes, but is not limited to, the completion of the restoration of the free float and/or request for a trading halt, in the event of any indication of disorderly trading.

Shares of Thomson Medical closed unchanged at S$0.059 on Tuesday, before the announcement.