Raffles Medical
Usman | Nov 08, 2010 | Comments 0
Shares of Singapore’s Raffles Medical Group (RAFG.SI) rose as much as 9% on Monday, as investor sentiment in the healthcare sector got a boost after a Singapore investor made a takeover offer for Thomson Medical Centre (THOM.SI).
At 0223 GMT, Raffles Medical shares were up 6.9% at $2.33 with over one million shares changing hands.
Raffles Medical
Singapore billionaire Peter Lim on Friday struck a deal with Thomson Medical’s founding family to buy their 39.34% stake in the company and will make an offer for the rest of the firm, valuing the firm at $513 million.
“This is mostly a spillover effect from Peter Lim’s takeover of Thomson Medical, which has also spurred expectations other healthcare firms may also receive takeover bids,” said a local trader.
He added that Raffles Medical has a large presence in Singapore, which makes it a good takeover target for investors or firms hoping to gain exposure to the city-state’s healthcare sector.
Shares of smaller rival Healthway Medical (HEMC.SI) also outperformed the broader market, rising 6.7% to $0.16 at 0234 GMT.
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