In separate developments in corporate Singapore, Magdent has raised $1.75 million in angel funding, Q&M Dental has offloaded a stake in QMAL and KSH Holdings has sold off a stake in Development 24.
Trendlines-backed Magdent raises $1.75m in angel funding
Magdent, a portfolio company of medical and agritech incubator, The Trendlines Group, has raised $1.75 million from three angel investors. Among its latest investors is Ran Tuttnauer, an Israeli industrialist and former owner and CEO of the medical device company Tuttnauer, which was acquired in July by Fortissimo Capital for $100 million.
The company has developed a technology that uses electromagnetic fields to stimulate, accelerate and improve bone formation and quality, and to prevent bone infections.
Magdent sells its healing cap product in 22 countries. Trendlines says the dental implants and prosthetics market is expected to grow at a CAGR of 7.2 per cent between 2016 and 2021 to reach $12.32 billion by 2021. Market growth estimates are attributed to an increasingly ageing population, growing demand for cosmetic dentistry, and the increase of periodontal diseases.
Q&M Dental to sell stake in QMAL
Dental clinic operator Q & M Dental Group is offloading its stake in Q & M Medical Aesthetic & Laser Centre (QMAL) through its subsidiary Q & M Medical Group Singapore (QMGS).
It will dispose of its shares for a total consideration of S$242,000. A sum of S$50,000 was paid on 1 December 2017, with the completion of the share disposal, while the remaining amount will be payable via monthly instalments of S$12,000 over a period of 16 months from the date of completion of the share disposal.
KSH Holdings divests stake in Development 24
KSH Holdings Limited has disposed of a 52 per cent interest in Development 24 (Dev 24) a property development and investment holding company. The purchasers are wholly owned subsidiaries of the Lian Beng Group and Heeton Holdings.
The consideration for the transaction was S$520,000 and is based on the net asset value of Dev 24 as at 5 December 2017.
LBD (GL) Pte Ltd, a unit of the Lian Beng Group, acquired a 42 per cent stake in Dev 24 from Kim Seng Heng Realty Pte Ltd (KSHR), a wholly owned unit of KSH Holdings Limited, for S$420,000.
Heeton’s unit, Heeton Homes Pte Ltd, acquired a 10 per cent stake for S$100,000.