Singapore O&G shares up 18% on takeover news

Sinagpore

SHARES of Catalist-listed healthcare provider Singapore O&G jumped sharply higher after its trading halt was lifted on Wednesday (Mar 9) morning.

As at 9 am, the counter leapt S$0.05 or 20 per cent to an intraday high of S$0.30 from its last price of S$0.25 before it called for a trading halt on Mar 4.

It later eased to close at S$0.295, up S$0.045 or 18 per cent with some 9.3 million securities changing hands.

No married deals took place throughout the day, according to ShareInvestor data.

The brisk trading activity comes after the group on Mar 7 announced it received a voluntary unconditional cash offer at S$0.295 a share.

The offeror, NewMedCo Group, is a special purpose vehicle consisting of the offer's sponsor and promoters.

The offer sponsor, Hanaan Health Group, is majority-held by a special purpose vehicle that is in turn wholly-owned by Dymon Asia Private Equity (SE Asia) II.

Meanwhile, the promoters are Singapore O&G's executive chairman Beh Suan Tiong, its executive director Heng Tung Lan and 3 specialist medical practitioners employed by the group. In total, they own around 71.4 per cent of the issued shares in Singapore O&G.

NewMedCo said it intends to make Singapore O&G its wholly-owned subsidiary and does not intend to preserve its listing status.