Hot stock: UG Healthcare up 9% after Malaysia EPF Board raises stake

SHARES of Malaysian glove manufacturer UG Healthcare Corporation jumped on Monday amid active trading, following news that the Employees Provident Fund (EPF) Board of Malaysia had become a substantial shareholder with a direct interest of 5.29 per cent, up from its previous 4.99 per cent stake.

The stock began the day at S$0.96 before reaching a high of S$1.04 at 1.16pm. It was trading at S$1.02 as at 3.51pm, up S$0.085 or 9.1 per cent from Friday's close.

About 38.8 million shares worth S$38.7 million changed hands. The stock was the most traded by volume on the Singapore bourse on Monday, and the second most traded by value.

The EPF Board had acquired 605,000 UG Healthcare shares on the open market at an average price of S$2.55 apiece for a total consideration of about S$1.5 million, Catalist-listed UG Healthcare said in a regulatory filing last Thursday. (see amendment note)

Before its stock split which took effect on Friday, the counter last traded at S$2.55 last Tuesday. When proposing the stock split in August, UG Healthcare said then that the move would enhance its trading liquidity and broaden its shareholder base.

Meanwhile, the EPF Board also became a substantial shareholder of mainboard-listed Riverstone Holdings, UG Healthcare's glove-making peer, on Sept 17.

Amendment note: An earlier version of this article wrongly stated that UG Healthcare is mainboard-listed. It is in fact Catalist-listed.