SINGAPORE (Oct 22): UOB Kay Hian is reiterating its “buy” recommendation on Asian Healthcare Specialists (AHS) with an unchanged target price of 33 cents following the orthopaedic group’s proposed issuance of convertible bond and grant of share option to Temasek Holdings-linked Vanda 1.

Vanda 1 is managed and controlled by Heliconia Capital Management, which is a subsidiary of Temasek.

AHS last week announced it has entered into an investment agreement to issue $5 million in convertible bonds due in 2021 to Vanda 1 at a conversion price of 25 cents per share, and a grant of share options another $5 million worth of shares at an exercise price of 32.5 cents per share.

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