Hot stock: FJB up 32.5% after clinching exclusive rights to distribute Airfree purifiers in Indonesia

SHARES of FJ Benjamin (FJB) rallied to a three-year high after announcing that it had clinched exclusive rights to distribute Airfree purifiers in Indonesia.

The counter moved up 32.5 per cent or 1.3 Singapore cents to 5.3 Singapore cents as at 2.23pm, with more than 132.2 million securities worth S$6.4 million changing hands. Shares of FJB last traded at similar levels in March 2018.

No married deals were recorded for the day, according to data from ShareInvestor.

This comes after the fashion retailer announced that it had been granted exclusive rights to distribute Airfree purifiers, a Portugese brand, in Indonesia.

FJB had earlier set up a health and wellness division to distribute Airfree products in Singapore with sales reported having "met with expectations as consumers became more health conscious during the Covid-19 pandemic".

The retailer said it will be launching the Airfree products in Malaysia and Indonesia next month.

FJB group chief executive officer Nash Benjamin said: "The distribution rights couldn't be more timely given the urgency of the Covid-19 situation in Indonesia. We believe that AIrfree's patented technology will go some way in easing the concerns of many Indonesians about their respiratory health."

This is the second time the counter saw an intraday spike, since its 130 per cent jump on March 3 after the group announced a partnership with Lazada.