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Accrelist to acquire 49% stake in Malaysian aesthetics company

ACCRELIST'S wholly-owned subsidiary Accrelist Medical Aesthetics is intending to acquire 49 per cent of the issued and paid-up capital of Ozhean Accrelist Aesthetics Sdn Bhd for RM490,000 (S$161,535).

Based on the latest available management accounts of Ozhean, its net asset value as at Aug 31, 2019 is approximately RM860,646.

Ozhean is a private limited company incorporated in Malaysia principally engaged in cosmetic dermatology and skin laser services. It also offers other health services such as physiotherapy, chiropractic and speech therapy.

Accrelist noted that the amount paid for Ozhean is a premium to its current net asset value, but it is of the opinion that the consideration is reasonable, due to the fact that the difference results from the startup costs incurred by Ozhean.

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The company is also of the view that the value of Ozhean shares will increase once Ozhean commences its operations. No valuation was carried out in connection with the proposed share acquisition.