(Yicai Global) Dec. 24 -- Shares of China's Topcare Medical Services jumped to a more than six-year high after the firm that is transitioning from coal trading to healthcare said it will pay up to SGD800 million (USD589 million) to acquire Singapore-based private clinic operator Fullerton Healthcare.

Topcare's equity price [SHA: 600532] soared as much as 10 percent to CNY19.71 (USD3.10) intraday, the highest since the last quarter of 2015 and up by almost half since the beginning of this year.

The Chinese company, formerly known as Hongda Mining, has inked a cooperation framework agreement with David Sin, the actual controller of Fullerton, and seven major shareholders who own almost 60 percent of the target firm's equity, to buy all of its shares in cash, the Shanghai-based buyer said in a statement yesterday. The price is in the range of SDR700 million and SDR800 million after preliminary negotiations.

Founded in 2010, Fullerton runs more than 500 medical centers in Asia, including China, the Philippines, Indonesia, and Malaysia.

Topcare offers medical services in Shanghai and Shaanxi province's Xi’an, according to its website. Some of the company's services include minimally invasive robotic surgeries in the fields of gastroenterology, orthopedics, and gynecology.

Editor: Emmi Laine, Xiao Yi