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Q & M Dental Group to spin off China unit on Catalist
Mainboard-listed Q & M Dental Group on Friday said that it has decided to proceed with the spin-off listing of Q & M Dental Holdings (China) on the Catalist board of the Singapore Exchange (SGX).
The spin-off unit comprises its business of operating dental hospitals and clinics as well as a dental equipment and supplies distribution company in China.
Q & M first suggested the possibility of such a spin-off in May 2015, at the time saying it was exploring a spin-off "on a reputable stock exchange".
SGX had on June 7 informed the dental group that it has no further comments on the matters contemplated in the pre-consultation process over the spin-off listing, which includes proposed steps to resolve potential conflict of interests.
The listing will require Q & M to undertake certain restructuring exercises, it said. "The company is in the process of finalising the terms of the restructuring exercise and a detailed announcement will be made in this regard at the appropriate time."
The group will seek shareholders' approval at an extraordinary general meeting for the restructuring exercise and the proposed spin-off later.
Q & M closed one cent, or 1.3 per cent lower, at S$0.735 on Friday.