TMC Life Sciences hit record high on speculation of asset injection

-A +A

KUALA LUMPUR (Sept 23): TMC Life Sciences Bhd rose seven sen in the afternoon trading session today, on market talks that Singapore billionaire Peter Lim Eng Hock could be looking at injecting assets into the company.

Market talks have it the asset injection might also come with a rights issue, which could also be a reason for the stock's price increase, a remisier told

At 4.20pm, the stock was trading nearly 10% higher at 61 sen, with 42.9 million shares changing hands. The stock touched a high of 63 sen earlier today.

Its warrant price has nearly tripled in three trading days, from eight sen last Thursday to 23.5 sen at 4.20 pm today.

The current share price is substantially higher than the mandatory general offer (MGO) of 48 sen per share that Lim made last month, after he had raised his stake in the health care group.

The MGO closed last Thursday. Lim's vehicle Sasteria Pte Ltd controls a 76.5% equity stake or 614.4 million shares in TMC Life.