Hot stock: Clearbridge Health up 10.5%; unit to supply Sinopharm Covid-19 vaccine for use in Singapore

SHARES of Clearbridge Health 1H3 are up in early trade on Tuesday, after it said on Monday that its subsidiary has entered into a contract to purchase the Sinopharm Covid-19 vaccine directly from its manufacturer.

The Catalist-listed counter was trading at 14.7 Singapore cents as at 9am on Tuesday, up 1.4 cents or 10.5 per cent, with 1.7 million shares changing hands.

Prices have since eased to 14.1 cents as at 9.47am, up 0.8 cent or 6.0 per cent.

In a bourse filing on Monday, the company also said that its subsidiary Medic Surgical, which operates the Medic Surgical & Laser Clinic, has been granted approval under the Health Sciences Authority's special access route scheme to import and supply the Sinopharm Covid-19 vaccine in Singapore.

Clearbridge said it expects the purchase contract to "contribute positively" to the revenue of the group for its current financial year ended December.

However, it added it is unable to quantify its financial impact as the sales uptake of the Sinopharm Covid-19 vaccine cannot be determined as at the announcement date.

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The company is also currently exploring opportunities for the Sinopharm Covid-19 vaccine in other markets, and will make announcements when there are material updates, it added.