AsiaMedic soars as new stakeholder emerges
Stock surges a further 18% on Thursday after leaping 64% the day before
Singapore
ASIAMEDIC's shares jumped 18.2 per cent to close at 13 Singapore cents on Thursday, two days after it announced the emergence of a new controlling stakeholder.
Following the news on Tuesday, the healthcare company's shares leapt 64 per cent to close at 11 cents on Wednesday.
This was up 4.3 cents from the closing price of 6.7 cents the previous day.
The boost in share price was a reprieve for shareholders, who had experienced a narrow 5.9 to 7.5 cents range since January.
Some 43.1 million units worth S$5.48 million changed hands on Thursday, making AsiaMedic the sixth most active stock on the exchange.
On Wednesday, approximately 17.5 million changed hands, up from just 124,000 the previous day before the announcement was made.
AsiaMedic announced that its controlling shareholders, Grandiflora and Tan Wang Cheow, were selling their combined 28.15 per cent stake for 18 cents per share to China's Luye Medicals Group.
The sale, completed on Wednesday, comprised a total of 95.4 million shares.
Mr Tan stepped down from his position as non-executive chairman on Wednesday.
Grandiflora's nominees to the board, Andi Solaiman and Suzanne Liau, also resigned as non-executive directors.
Luye Medicals nominated Hong Hai and Tan Soo Kiat as independent director and non-executive & non-independent director respectively.
Koh Boon How was also nominated as alternate director to Mr Tan Soo Kiat.
All three have been appointed to the board.
