Acquisition of 510,000 ordinary shares (Sale Shares), representing 51% of the total issued share capital in Aquahealth Sdn Bhd (Aquahealth) by MGRC Healthcare Sdn Bhd (MGRCH), a wholly owned subsidiary of MGRC, for a cash consideration of RM2,000,000 (Consideration) ("Acquisition")

Company Name MALAYSIAN GENOMICS RESOURCE CENTRE BERHAD
Stock Name MGRC
Date Announced 29 Jun 2022
Category General Announcement for PLC
Reference Number GA1-29062022-00019

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-28062022-00002
Subject Acquisition of 510,000 ordinary shares (Sale Shares), representing 51% of the total issued share capital in Aquahealth Sdn Bhd (Aquahealth) by MGRC Healthcare Sdn Bhd (MGRCH), a wholly owned subsidiary of MGRC, for a cash consideration of RM2,000,000 (Consideration) ("Acquisition")
Description
MALAYSIAN GENOMICS RESOURCE CENTRE BERHAD (MGRC OR COMPANY)
- ACQUISITION OF 51% EQUITY INTEREST IN AQUAHEALTH SDN BHD BY MGRC HEALTHCARE SDN BHD
Query Letter Contents

We refer to your Company’s announcement dated 23 June 2022.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1. The terms of any arrangement for payment of the Consideration on a deferred basis.

2. The breakdown of sources of funding for the Consideration between internally generated funds and  

     cash reserves.

3. The profits after tax and net assets of Aquahealth based on its audited financial statements for the financial year 

    ended 31 December 2021.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully

LISTING

REGULATION

 

Cc : Market Surveillance Dept., Securities Commission (via fax)

We refer to the announcement dated 23 June 2022 in relation to the Acquisition (“Announcement”). Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

 

The Company wishes to provide additional information pertaining to the Acquisition as follows:

 

1. The terms of any arrangement for payment of the Consideration on a deferred basis.

 

There are no deferred payment plans for the Consideration granted by the Vendor to the Company.

 

2. The breakdown of sources of funding for the Consideration between internally generated funds and cash reserves.

 

The Company wishes to clarify that the payment of the Consideration shall be fully funded via the Company’s cash reserves. Please refer to the Company’s announcement dated 28 June 2022 for the Variation of Proceeds from the private placement.

 

3. The profits after tax and net assets of Aquahealth based on its audited financial statements for the financial year ended 31 December 2021.

 

The audited financial statements of Aquahealth for the financial year ended 31 December 2021, is pending finalisation.

 

Based on its audited financial statements for the financial year ended 31 December 2020, Aquahealth has yet to commence its business operations since its incorporation date, hence it had incurred a loss after tax of RM12,640 and a net liability of RM22,288.

 

 

This announcement is dated 29 June 2022.

 

 





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