Singapore medical devices manufacturer, Biosensors International Group (BIOS.SI), is spending around $82.2 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 $6.2 million and $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% rise in the FT Straits Times mid-cap index. The shares jumped 27% last year.
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