With the acquisition, Cordlife’s stake in StemLife has increased to about 50.03 per cent from 48.94 per cent, making it a subsidiary under Cordlife upon completion of the acquisition.
The acquisition is not expected to have any material impact on the net assets per share or earnings per share of the company for the current financial year ending June 30, 2016.
Earlier in November, the Singapore-listed consumer healthcare corporation sought to increase its presence in Malaysia’s healthcare sector by offering to purchase shares of associated firm StemLife in a deal valued at S$24.4 million ($17.1 million).
Last Friday, Cordlife announced that it acquired 17.4 million shares in StemLife for MYR7.8 million ($1.86 million) or MYR0.45 per StemLife share, the same price it acquired its latest stake at.
The acquisition last week pushed its shareholding from about 41.92 to 48.94 per cent. Cordlife closed 3.4 per cent higher at $1.38 on Monday.