Peter Lim’s Thomson Medical surges 38.8% to 1.5-year high on news of JS-SEZ mega project

[SINGAPORE] Thomson Medical shares soared in early trade on Tuesday (Aug 26) after the group unveiled plans for an RM18 billion (S$5.5 billion) development in the Johor-Singapore Special Economic Zone.

The counter shot up to S$0.068 in early trade on Tuesday, 38.8 per cent or S$0.019 higher than its closing price of S$0.049 on Monday.

This was the highest price it had reached in more than one-and-a-half years. It last traded above such levels in 2023, ShareInvestor data showed.

As at 9.15 am, it was the top traded counter on the Singapore Exchange by volume, with some 57.7 million shares changing hands. By then, it had eased to S$0.065, still up by S$0.016 or 32.7 per cent from Monday’s close.

On Monday, the healthcare provider announced plans for an RM18 billion Johor Bay mega project in Malaysia’s southernmost state.

The development is set to be a 10.5 hectare integrated project that will include healthcare facilities alongside luxury residences, hospitality, commercial and lifestyle offerings.

Billionaire Peter Lim, a former remisier, is the man behind Thomson Medical. His son Lim Kiat is currently the executive vice-chairman of the company.

The company was formerly known as Rowsley, which underwent a reverse takeover with Thomson Medical in 2017, transforming itself into a healthcare group.

The elder Lim, owner of both entities, orchestrated the deal, where Rowsley acquired Thomson Medical and TMC Life Sciences through the issuance of new shares to Lim. Following the acquisition, Rowsley changed its name to Thomson Medical Group Ltd in April 2018.