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Catalist-listed SIAMH may have gone public before it was ready – MAS review group should figure out why

Can the enablers of public listings be incentivised to ensure that companies do not come to market without a credible growth story?

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Ben Paul

Ben Paul

Published Mon, Dec 16, 2024 · 05:00 AM
    • SIAMH said on Dec 12 that its proton beam therapy business has not taken off as quickly as expected.
    • SIAMH said on Dec 12 that its proton beam therapy business has not taken off as quickly as expected. PHOTO: BT FILE

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    WHEN news broke earlier this month that the external auditors of the Singapore Institute of Advanced Medicine Holdings (SIAMH) had issued a disclaimer of opinion on its latest financial statements, I imagined that the company’s share price would immediately plummet.

    Then, I looked at my trading screen and realised the stock could not plummet because it was already on the floor – and had been for some time.

    SIAMH listed on Catalist on Feb 16, following an initial public offering (IPO) at S$0.23 per share. It ended its first trading day at S$0.19. Less than a fortnight later, its shares had crashed below S$0.10.

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