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STEEL trading company Albedo Limited said it has agreed to acquire a majority stake in a Taiwanese aesthetic medicine group, which will serve as a "springboard" for its expansion into China's fast-growing healthcare market.
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 China iMyth is owned by Taiwan's plastic surgeon expert 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.
Albedo CEO Tai Kok Chuan said: "We have been exploring opportunities to diversify our business in the wake of increased competition and softening demand in our steel trading business. We believe that a stake in China iMyth will create value for shareholders and enhance Albedo's long-term viability."