Albedo to acquire majority stake in Taiwan firm
Steel trader Albedo Limited said it has agreed to acquire a majority stake in a Taiwanese aesthetic medicine group.
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Lynette Khoo
12 June 2015
Steel trader Albedo Limited said it has agreed to acquire a majority stake in a Taiwanese aesthetic medicine group.
Under a conditional sale and purchase agreement inked on Thursday, Albedo agreed to buy a 51 per cent stake in China iMyth Company Pte Ltd from China Medical Investments Company Pte Limited (CMIC) for S$18.9 million.
The remaining 49 per cent of Singapore-incorporated China iMyth is owned by Taiwan’s plastic surgeon Chung Yih-Chen, who is also its managing director.
The payment will comprise S$12 million in cash and 550 million shares at an issue price of 1.25 cents per share.
“We have been exploring opportunities to diversify our business in the wake of increased competition and softening demand in our steel trading business,” Albedo CEO Tai Kok Chuan said. “We believe that a stake in China iMyth will create value for shareholders and enhance Albedo’s long-term viability.”
Albedo also agreed to issue 100 million free unlisted and non-transferrable warrants to the introducer of the deal - Sukmawati Widjaja, who is the executive chairman of Singapore-listed Top Global - subject to shareholders’ approval. It separately proposed a placement issue of 840 million unlisted and non-transferable warrants to four new investors at an issue price of S$0.001 per warrant. Each warrant carries the right to subscribe to one new share at an exercise price of S$0.01125.
If all warrants are exercised, some S$1.13 million from the introducer warrants and S$10.29 million from the placement issue will be raised. The group intends to use the net proceeds for working capital and to fund its growth.
China iMyth operates two clinics in Taipei focusing on adult stem-cell storage, aesthetic medicine and plastic surgery, as well as cell anti-ageing and high-end medical services. Its orthopedic surgery hospitals are located in Guangzhou and Shanghai.
CMIC - a firm with interest in health services in Taiwan and China - is owned by Malaysian businessman Choo Yeow Ming, who is also executive chairman of Singapore-listed Asia-Pacific Strategic Investments Ltd, Qiang Lin Mei, and Prometheus Partners Holdings Ltd.
Mr Choo was the introducer of an earlier proposed S$1.86 billion reverse takeover under which Albedo would acquire tracts of land owned by Malaysian billionaire Danny Tan in Iskandar Malaysia. But the tycoon later dropped the deal despite efforts by Albedo to salvage it.