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Hot stock: Rowsley surges 57.5% following billionaire Peter Lim's proposed injection
AFTER real estate and investment company Rowsley said on Tuesday that controlling shareholder and Singapore billionaire Peter Lim will be injecting his 100 per cent Thomson Medical Pte Ltd and 70.36 per cent Bursa Malaysia-listed TMC Life Sciences stakes into the firm, shares of Rowsley climbed 57.5 per cent to open at S$0.115 on Wednesday.
The proposed acquisitions are valued at up to S$1.9 billion, and will be financed through up to 25.3 billion new shares issued to Mr Lim at S$0.075 a share. Warrants will also be issued to existing shareholders upon completion.
In May this year, Rowsley said that it will acquire industrial building design firm AC Consortium for up to S$8 million through its subsidiary RSP Architects Planners & Engineers.
It also made two other acquisitions previously to grow its design and engineering business. In August 2016, it fully acquired mechanical and engineering design practice Squire Mech. It acquired a 34.7 per cent stake in RSP India in August 2015.
Rowsley closed trading at S$0.073 on Tuesday.