SHARES of CFM Holdings jumped 80.3 per cent amid heavy trading on Thursday, up from when it last traded on May 28.

 

This was after the company' s announcement that it entered into a sale-and-purchase agreement to acquire 51 per cent of the total issued ordinary share capital of SING-SWE MM Biotechnology for an aggregate consideration of up to S$6.1 million.

 

The counter rose by 5.3 Singapore cents on Thursday to end the day at 11.9 cents.

 

Some 142.8 million shares changed hands, making it the third-most traded stock on the Singapore Exchange by volume.

 

No married deals took place in early trade, showed ShareInvestor data.

 

The company said on Thursday morning that it will acquire 51 ordinary shares from vendors Wang Xinmeng, Gao Hong and New Energy Industry Sweden (NEIS), making SING-SWE MM Biotechnology its subsidiary.

 

NEIS will own the remaining 49 per cent of SING-SWE MM Biotechnology' s issued share capital.

 

SING-SWE MM Biotechnology distributes and sells pharmaceutical products, including certain viral test kits.

 

CFM, which is involved in the distribution and sale of gloves and other personal protective equipment, believes that the acquisition will provide additional and recurrent revenue streams.