TalkMed shares recoup from CEO's suspension jolt

Ang Peng Tiam was suspended for eight months by the Singapore Medical Council.

TalkMed CEO Ang Peng Tiam (second from left) in a management picture. Source: TalkMed website

Shares of TalkMed Group rose nearly 7 percent on Thursday, recovering from previous session's 13 percent slump on news of suspension of its chief executive officer.

Ang Peng Tiam, who has been on company's board since September 2013, was suspended for eight months by the Singapore Medical Council (SMC) after a failed appeal against charges of professional misconduct.

Tiam, 58, is a prominent oncologist. He was earlier fined $25,000 by the Singapore Medical Council following a complaint by a patient in 2010, but his punishment was raised to a suspension after he appealed against the charges.

All of Tiam's cases will be handed over to Chief Operating Officer Khoo Kei Siong and "the group has taken steps to minimise disruption to patients and to the business," company said in a statement dated June 28.

Oncology services contributed more than 95 percent to group's revenue, according to TalkMed's 2016 annual report.

"While the verdict may have a material impact on the group's earnings, the board is confident that the suspension will not have a major long-term effect on the group," the company said in a statement.

Tiam's suspension begins on July 25.