Cordlife says in talks on corporate development opportunities after SGX query on share surge

SINGAPORE - Cordlife Group on Monday night (May 21) said the company is currently in talks on corporate development opportunities in response to a Singapore Exchange (SGX) query on unusual price movements in its shares.

The counter had risen 28 per cent, or $0.21 to close at $0.95 apiece on May 21.

In the filing, the private cord blood banker said it constantly explores corporate development opportunities which are in line with its growth strategy. Nonetheless, no definitive agreements have been reached as of now, and there is no certainty that any of them will materialise, Cordlife said.

When asked by the SGX whether it was aware of any other possible explanation for the spike in its share price, Cordlife noted that it had released its third-quarter unaudited financial statements on May 11. They showed that for the three months ended March 31, the group reversed a net loss of $401,000 in the year-ago period to register a net profit of $843,000. This came on the back of contributions from a newly acquired Hong Kong unit and better margins.

The group added that it had on May 14 conducted an analyst briefing in respect of its Q3 results, and that no material or non-public information was disclosed then.

Cordlife also said that the company is in compliance with SGX listing rules.

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