SINGAPORE, March 9 (Reuters) - Singapore medical devices manufacturer, Biosensors International Group Ltd , is spending around S$82.2 million ($65.60 million)to develop a new manufacturing center and research and development centre in Singapore.
The company manufactures medical devices used in interventional cardiology, namely drug-eluting stents (DES), used to treat blocked arteries, and critical care procedures.
“In addition to the manufacturing of DES and other medical devices, the new facility will also be used to develop new high-technology, value-added medical devices, and is expected to be completed within three years,” Biosensors said in a statement on Friday.
The 12,000 square meter land and construction costs of S$6.2 million and S$76 million respectively, will be funded through internal resources and bank borrowings, the company said.
The firm’s shares are little changed so far this year versus a nearly 17 percent rise in the FT Straits Times mid-cap index . The shares jumped 27 percent last year.
Out of seven analysts tracking the stock, six have a buy or strong buy rating and one has a hold recommendation.
In an interview with Reuters last year, Biosensors chairman Yoh-Chie Lu said the group aimed to increase its market share in China’s DES market. ($1 = 1.2531 Singapore dollars) (Reporting By Mark Tay; Editing by Anshuman Daga)