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The Singapore Stock Market Today: Clearbridge Health Ltd Makes Its Debut

Welcome to a brand-new week, everyone. Here are three things about the local stock market that you might be interested in today.

1. The Straits Times Index (SGX: ^STI), ended Monday at 3,414.82 points, down 2.12 points or 0.06%.

Singapore Telecommunications Limited (SGX: Z74) lost the most ground today, slipping 2.9% to S$3.64.

On the other hand, property outfit, UOL Group Limited (SGX: U14), was the biggest winner of the index; its shares rose 1.9% to S$8.70.

2. Following an announcement in July this year, Rowsley Limited (SGX: A50) gave an update that it has signed a deal with “Remisier King” Peter Lim to acquire a 100% stake in Thomson Medical and a 70.36% stake in TMC Life Sciences Berhad (TMCLS) for S$1.6 billion.

Thomson Medical is Singapore’s largest private provider of healthcare services for women and children while TMCLS is a multi-disciplinary healthcare company listed in Malaysia.

Rowsley will issue 21.3 billion new shares at S$0.075 per share to fund the acquisition. Rowsley will also purchase 597.3 million TMCLS warrants in cash. After the acquisition is completed, Lim will own 90.1% of Rowsley, up from 45.4% now. Rowsley also wishes to change its name to Thomson Medical Group Limited.

Rowsley’s shareholders will be offered two bonus warrants at an exercise price of nine Singapore cents for each existing share. For every bonus warrant exercised, a piggyback warrant can be exercised on a one-for-one basis. Each piggyback warrant has an exercise price of 12 cents per share.

If all the bonus and piggyback warrants are exercised, Rowsley will receive between S$850 million and S$1.13 billion in proceeds, which will be used to fund its future growth and working capital.

Shares of Rowsley ended the day at S$0.136, up 22.5%.

3. Clearbridge Health Ltd (SGX: 1H3) started trading on our local stock exchange today. The firm, which was founded in 2010, has a focus on delivering precision medicine in Asia.

Jeremy Yee, executive director and chief executive of Clearbridge, said:

“As we mark a new chapter in our history with this listing, we are confident of the huge potential for greater adoption of precision medicine in Singapore and around the region. Healthcare is integral to life today with global healthcare spending projected to grow from US$7 trillion in 2015 to US$8.7 trillion by 20201. We believe that precision medicine is the future of healthcare. We are grateful for the strong support from the investment community and we hope that our listing will serve as a strategic springboard for Clearbridge Health to grow our brand, scale and presence across Asia.”

Shares of the healthcare outfit closed at S$0.28, the same as its listing and debut price. To learn more about the company, you can head here.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.