HS Optimus (SGX:504) received Singapore Exchange Securities Trading's approval for the issuance of new shares and option shares in connection with the acquisition of a 30% stake in Medicorp, according to a Wednesday bourse filing.
Shares of the industrial doors provider plummeted over 14% in Thursday trading.
Following approval, the company will issue up to 185.2 million shares as part of the SG$4.2 million consideration for the acquisition of the minority stake in Medicorp.
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