PETALING JAYA: MClean Technologies Bhd wholly-owned subsidiary MClean Precision Pte Ltd has proposed to acquire 60% equity interest in JCS Biotech Pte Ltd in Singapore from its vendors for a total purchase consideration of RM135mil.
In a filing with Bursa Malaysia yesterday, MClean noted the RM135mil consideration will be satisfied via a combination of RM18mil in cash, issuance of about 329.32 million new MClean shares at an issue price of 22 sen each, which is equivalent to RM72.45mil, and the issuance of 202.5 million irredeemable convertible preference shares in MClean at an issue price of 22 sen each, equivalent to RM44.55mil.
The proposed acquisition is a related party transaction by virtue of Yeo Hock Huat being a director and major shareholder in both MClean and JCS Biotech.
“At this juncture, Yeo, the beneficial owner of the remaining 40% of JCS Biotech shares, through his direct and indirect equity interest in JCS Biotech, does not intend to dispose of the remaining 40% of JCS Biotech shares,” MClean said.,
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Meanwhile, MClean does not intend to acquire the balance 40% JCS Biotech shares because, with proposed acquisition of 60% of equity interest in JCS Biotech, MClean is already in control of JCS Biotech and is able to consolidate the results of JCS Biotech in MClean and its subsidiaries.
Additionally, it is beneficial for JCS Biotech to maintain at least 30% ownership directly or indirectly by a Singaporean shareholder, namely Yeo, in order for JCS Biotech to continue to be qualified for various benefits, including grants, from Enterprise Singapore, a Singaporean government agency which champions enterprise growth.
“This continual affiliation with Enterprise Singapore augurs well for JCS Biotech as products manufactured in Singapore with the “Made in Singapore” branding is deemed as desirable particularly by JCS Biotech’s customers,” it said.
The proposed acquisition will result in a “significant change in the business direction or policy” of MClean and its subsidiaries.