HK's Union Medical hits 16-month high on deal to buy COVID-19-screening test lab

EC Healthcare

15/12/2020 08:06

** Shares of Hong Kong medical service provider Union
Medical Healthcare Ltd  2138.HK  climb as much as 5.1% to
HK$6.36, their highest since August 2019
    ** Stock on track for a fourth straight session of gains
    ** Co says it will buy an aggregate 97% of a Hong Kong
medical laboratory firm for a total HK$575.5 mln ($74.24 mln), a
deal to be settled by cash and issuance of more shares
 urn:newsml:reuters.com:*:nFWN2IU0RQ
    ** The laboratory group is one of the local institutions
recognized by the Hong Kong government to conduct COVID-19
nucleic acid screening test and the deal will expand the
company's margin in the medical care market
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
slides 0.7%
    ** The Hong Kong benchmark index  .HSI  slips 0.7%
    ** As of last close, stock up 12.9% this year 

    ($1 = 7.7519 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)