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