Peter Lim’s Thomson Medical surges 22.4% on news of JS-SEZ mega project

Thomson Medical shares rose on Tuesday (Aug 26) after the group unveiled plans for a RM18 billion (S$5.5 billion) development in the Johor-Singapore Special Economic Zone.

The counter shot up to an intraday high of 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.

The stock closed the day at S$0.06, still up by 22.4 per cent or S$0.011, its highest closing price in more than one year.

With more than 200 million shares having changed hands, it was the most heavily traded counter by volume as at market close.

On Monday, the healthcare provider announced plans for the 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.

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It will be located some 800 metres from the Custom, Immigration and Quarantine complex and around one kilometre from the upcoming Johor Bahru-Singapore Rapid Transit System Link’s Bukit Chagar Station.

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

Thomson Medical was formerly an investment vehicle known as Rowsley, that underwent a reverse takeover deal in 2017. The deal was orchestrated by Peter Lim, who controlled both Rowsley and the healthcare business known as Thomson Medical, that was privately held at that time.

Rowsley acquired a 100 per cent stake in Thomson Medical and a 70.4 per cent stake in Bursa Malaysia-listed healthcare company TMC Life Sciences. After the acquisition, it changed its name to Thomson Medical Group.