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Hot stock: Biosensors surges more than 20% on Citic's offer to buy rest of company
THE share price of Biosensors International Group, a maker of coronary stents, surged more than 20 per cent on Wednesday morning following the news that a private-equity arm of Citic Group Corp has agreed to buy the rest of the Singapore-listed company for about S$1.1 billion.
After hitting S$0.82 a share, Biosensors was trading around S$0.81, up 13 cents, or 19 per cent, at 11:40am. More than 17 million shares changed hands.
Citic Private Equity Funds Management Co, which already controls about 19.6 per cent of Biosensors, is paying S$0.84 a share for the stock it doesn't already own, according to a stock exchange statement on Wednesday. The price is about 24 per cent higher than Biosensors' last closing price of S$0.68.