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Q&M's largest shareholder to acquire another 1.19% stake in firm
Q&M Dental Group's largest shareholder Quan Min Holdings Pte Ltd is planning to buy over all of the company's shares held by Health Field Enterprises (HFE).
If this goes through, it would add another 1.19 per cent to Quan Min Holdings' current 55.58 per cent stake.
For this purpose, Q&M has approved the lifting of a moratorium on the sale of company shares held by HFE, it said in an announcement on Saturday.
HFE owns 9.5 million shares, or 1.19 per cent of the total issued share capital of Q&M. These are subject to a sale moratorium up to Nov 6 this year.
It had first gained Q&M shares as consideration for the latter's acquisition of a 60 per cent stake in Aoxin Stomatology Group in Shenyang, China. HFE's ultimate beneficiary is the founder of Aoxin Stomatology, Shao Yongxin.
Dr Shao is hoping to sell off the Q&M shares in order to focus his financial resources in the spin-off listing of Q&M's wholly owned subsidiary Q&M Dental Holdings (China) on the Catalist board, for which he is involved in the preparations.
The lifting of the moratorium is only for the purpose of allowing HFE to participate in the proposed transaction, said Q&M. It is also based on the terms that Quan Min Holdings will not sell any of HFE shares before Nov 6 this year.
"The board feels that this is a strong show of confidence and faith to the market that Quan Min Holdings, which comprises the founders and key dentists of the Q&M group, is willing to increase its shareholding interest in the company," said the firm.