Australia's Singular Health climbs on planned divestment of JV asset

Singular Health

08/08/2022 06:48

** Shares of medical technology company Singular Health
Group Ltd  SHG.AX  climb as much as 20% to A$0.120, highest
since July 5
    ** Co plans to divest its 50% shareholding in GeoVR Pty Ltd
joint venture to its partner TerraCentric Pty Ltd (https://bit.ly/3JFeXCU)
    ** Says entered into an option agreement with TerraCentric
in this regard
    ** Deal has an indicative purchase price of A$500,000 
($346,800.00) and a proposed ongoing license fee or royalty
    ** SHG Managing Director Thomas Hanly says anticipated sale
of GeoVR asset would allow co to "focus solely on advancing our
medical imaging technology and its commercialisation"
    ** Volumes are 3.6 times the 30-day average of 92,251 shares
    ** As of last close, shares down 64.3% this year


($1 = 1.4418 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))