QT Vascular shares jump 112% as investors react to RTO news

Singapore

SHARES of medtech firm QT Vascular (QTV) surged 112.5 per cent or 0.9 Singapore cent to close at 1.7 Singapore cents on Tuesday after the company announced plans to acquire a Mongolian mining and energy company called Tengri Coal and Energy (TCE) for S$1 billion in cash and new shares.

If completed, the transaction is expected to result in a reverse takeover (RTO) of QTV. QTV's board of directors expected the deal to give the company "a new lease of life" and could potentially increase its market capitalisation.