New Silkroutes to acquire two Chinese firms for S$65m

Singapore

NEW Silkroutes Group on Friday announced that it is acquiring two Shanghai-based makers of medical consumables for S$65 million, as it seeks to expand its healthcare division and become a major supplier of such consumables in China and South-east Asia.

New Silkroutes, which has businesses in the healthcare and energy sectors, will fund the acquisition of both Shanghai Fengwei Nonwovens and Shanghai Fengwei Garment Accessory by issuing new ordinary shares in the company at 50 Singapore cents apiece.