Thomson Medical Group has until Apr 10 to restore public float

THOMSON Medical Group : A50 0% has successfully appealed to the Singapore Exchange (SGX) for an extension of three months, that is, until Apr 10, to restore its public float.

The extension comes after its first application to SGX was at first rejected on Jan 10.

Last September, the company’s public float dipped under 10 per cent. Listing rules mandate that at least 10 per cent of a listed company’s shares must be held by public investors, or trading will be suspended. 

This is the third time Thomson Medical has submitted an application to SGX seeking a grace period to restore its public float. 

On Wednesday (Jan 17), Thomson Medical said: “The further extension is subject to the company monitoring the public float and trading activity in its shares on an ongoing basis, and making an immediate request for a trading halt if there is any indication of disorderly trading.” 

Separately, the group announced that FV Hospital in Vietnam was now a member of the group. 

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It had acquired the multi-specialised healthcare facility in Ho Chi Minh City for US$381.4 million. 

SGX first granted Thomson Medical three months until Dec 10, 2023, to restore its public float while allowing its trading of shares to continue in the interim; it later granted the company another month, till Jan 10, 2024, to explore options to restore the public float.

Giving further details on its efforts to do so, Thomson Medical said that it will undertake roadshows after the festive period in February.

“The roadshows will take into account the company’s financial results for the six months ended Dec 31, 2023, which will be announced by mid-February 2024 and the recent acquisition of the FV hospital in Vietnam.”

Thomson Medical shares closed down 1.9 per cent or S$0.001 at S$0.053 on Wednesday before the announcement.