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Chinese dental group Aoxin Q&M unveils two possible acquisitions
NEWLY listed Chinese dental group Aoxin Q&M said on Monday night that it is planning to make two acquisitions.
The group signed a binding memorandum of understanding (MOU) with two individuals, Fu Bin and Wang Jie, to acquire Shenyang Qingaomei Oral Restorative Technology Co (SYQM), one of the largest dental prosthetic device providers in north-east China, for 16.9 million yuan (S$3.42 million) in cash and investment into SYQM.
The vendor will subscribe for 6.45 million yuan worth of shares in Aoxin at 23.6 Singapore cents per share, or a 10 per cent discount to its weighted average price on May 15.
The acquisition, Aoxin said, is in line with its expansion into dental-related industries in northern China; the group sees synergy between its main dental services business and SYQM's dental laboratory services business.
In a separate announcement, Aoxin said it has entered into a binding MOU to acquire Zhuanghe City Chengguan Street Jiadawei Dental Clinic (ZHJDW) for a total amount of 8.4 million yuan, to be satisfied through cash and investment into the restructured entity.
ZHJDW is a dental clinic in Zhuanghe City in Liaoning province, which provides general dental healthcare services.
The vendor will also subscribe for 4.28 million yuan worth of shares into Aoxin at 23.6 Singapore cents per share.