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SINGAPORE-LISTED Epicentre Holdings has entered into an agreement to buy a 51 per cent stake in Japan IPL Holdings for S$3.06 million, as it moves to diversify its business and revenue stream.
In a filing to the local bourse on Feb 11, the company said that it would purchase 51,000 ordinary shares from Japan IPL's director Jonathan Lim Zheng Jie and shareholders Chan Lai Choo and Lim Ze-Tian.
Japan IPL Holdings is a lifestyle and wellness service provider comprising mainly hair removal and skin rejuvenation for men and women in Singapore. It operates seven outlets in Singapore located at Holland Village MRT, Somerset MRT, Pasir Ris MRT, Esplanade MRT, Raffles Place MRT, Boon Lay MRT and Ang Mo Kio Hub.
Based on the issue price of S$0.15 per consideration share, it represents a discount of about 5.36 per cent to the weighted average price of S$0.1585 per ordinary share in the capital of Epicentre for trades done on Catalist of the SGX-ST on Feb 10.
The consideration shares represent about 14.67 per cent of the existing issued and paid up share capital of Epicentre of over 139.07 million shares.
After completion of the proposed acquisition and assuming that no further shares are issued prior there to, the number of issued and paid-up shares would come up to about 159.47 million and the consideration shares represent roughly 12.79 per cent of the enlarged issued and paid-up share capital of Epicentre (excluding treasury shares).