Penny stock: The shares of Welcure Drugs & Pharmaceuticals rose by more than 4% during Wednesday’s trading session following the company’s announcement of a Letter of Intent (LOI) with Telexcell Trade PTE LTD, Singapore, regarding their intention to acquire a significant equity stake in the company.
In an exchange filing, the company revealed that Telexcell Trade PTE LTD, Singapore plans to acquire up to a 25% equity stake in Welcure Drugs & Pharmaceuticals Ltd. The investment will be made entirely in cash, pending necessary due diligence, approvals, and compliance with relevant laws. The company indicated that this investment aims to enhance Welcure’s global presence in the pharmaceutical and chemical export sectors, especially given the increasing opportunities in emerging markets.
