KUALA LUMPUR (April 5): TDM Bhd's share price rose to its highest in over three years on Thursday amid growing market valuation ascribed to healthcare-related businesses, particularly after the RM5.7 billion disposal of Ramsay Sime Darby Health Care Sdn Bhd (RSDH) to Columbia Asia Healthcare Sdn Bhd.

TDM, which is involved in oil palm cultivation and healthcare business, closed four sen or 14% higher at 32.5 sen, its highest since January 2021, and valuing the group at RM559.94 million.

The counter saw a sudden spike in buying interest, with trading volume surging to 62.42 million shares, versus its five-day moving average of 13.33 million shares, and 90-day moving average of 5.35 million shares. TDM was the day's fifth most actively traded counter.

The Edge reported on March 25 that the RSDH-Columbia Asia deal has set a new benchmark for the valuation of private hospital operators in Malaysia while generating investor interest in similar players like TDM.

TDM, which is 60%-owned by Terengganu Inc Sdn Bhd, operates five hospitals in Taman Desa and Kelana Jaya in the Klang Valley, and Kuantan and Kuala Terengganu on the peninsula’s east coast, as well as Tawau in Sabah.

With the rally on Thursday, TDM has logged a year-to-date gain of 83%.