[ad_1]
Mon, Nov 16, 2020-11:02 am
Medtecs International SHARES soared at the beginning of the week, after the provider of personal protective equipment and hospital services said it plans to transfer its listing from Catalist to the Singapore Exchange main board.
At 10:48 a.m. on Monday, the counter was trading at S $ 1.00, an increase of 11.5 cents or 13%. Some 30 million shares changed hands, making it one of the most traded accountants on the Singapore Stock Exchange in early trading.
Shareinvestor data showed that there were no married exchanges, although several large exchanges were made, worth more than S $ 150,000 each.
The company hopes that a transfer to motherboard will allow it to attract institutional investors and reach a broader investor base, both in Singapore and abroad.
Medtecs also said on Monday that the group will be included in the MSCI Singapore Small Cap Index after the market close on November 30.
Medtecs’ share price surge comes shortly after Aspen Holdings also saw a meteoric rise in its shares after announcing a proposed placement, with the latter also contemplating a motherboard transfer.
Shares of Aspen advanced 15.1 percent to 30.5 Singapore cents at the close of the bell last Monday, after the Malaysian property developer and future glove maker announced a proposed placement to raise as much as 23, 8 million Singaporean dollars. The meter was trading at 22.5 Singapore cents in early trading on Monday, an increase of 0.5% or 2.3%.
In an exchange filing last week, Aspen said it decided to undertake the placement to meet minimum equity margin requirements applicable to publicly traded applicants, and to strengthen the group’s financial position and flexibility to capitalize on opportunities for increase.
Separately, in line with the market’s broad gains on the Singapore stock exchange, healthcare stocks also regained some ground on Monday. This comes after the counters fell last week amid news that a possible Covid-19 vaccine developed by Pfizer and BioNTech was shown to be highly effective.
Glove maker UG Healthcare rose 4.5 Singapore cents or 5.9 percent to 81 cents on Monday morning, while Riverstone gained 0.01 Singapore dollars or 0.7 percent to 1.53 Singapore dollars.
However, against the trend was Top Glove, which fell 0.03 Singapore dollars or 1.2% to 2.50 Singapore dollars in early trading.
[ad_2]
