[SINGAPORE] Shares of Singapore Paincare rose on Thursday (Jun 5), a day after the Securities Investors Association (Singapore), or Sias, valued the medical services company at more than double its privatisation offer price.
Shortly after the market opened at 9.05 am, the counter was trading at S$0.17, 8.3 per cent or S$0.013 above its latest closing price of S$0.157 on Wednesday, with 4.4 million shares transacted. This was its highest price in the year to date.
The counter eased to S$0.165 at 9.18 am, S$0.008 or 5.1 per cent higher than Wednesday’s closing price, with 5.6 million shares changing hands.
On Wednesday, Sias urged minority shareholders of Singapore Paincare to hold off selling their shares amid an acquisition bid from Advance Bridge Healthcare, a management consultancy for healthcare services.
SIAS noted that the company could be worth S$0.37 per share, more than double the S$0.16 per share privatisation offer price.
It recommended that shareholders wait and refrain from taking action until the independent financial adviser report is released.
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