LYC Healthcare Berhad acquired 55% stake in Elite Dental Team Sdn Bhd from Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei.
May 02, 2023
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LYC Healthcare Berhad (KLSE:LYC) entered into a conditional share sale agreement to acquire 55% stake in Elite Dental Team Sdn Bhd from Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei for MYR 5.5 million on July 4, 2022. LYC Healthcare will pay cash deposit of MYR 0.55 million within 7 days from the date LYC's solicitors receive the Stakeholder Documents, remaining cash payment of MYR 3.7 million will be settled on completion date, and MYR 1.25 million of deposit with escrow agent on completion date. LYC Healthcare intends to fund the cash consideration amounting to MYR 5.5 million in respect of the Purchase Consideration fully through internally generated funds. Upon completion of the Proposed Acquisition, Elite Dental Team will become a 55%-owned subsidiary of LYC. Elite Dental Team has the implied EBITDA MYR 1.77 million. The board expects the proposed acquisition to be completed by the fourth quarter of 2022. The transaction is subject to obtain the requisite financing for the purchase of the Sale Shares from the Vendors, to conduct the legal, financial, operational, tax and other due diligence on EDTSB, to obtain all approvals, consents, authorizations, permits or waivers of all relevant authorities, including Bank Negara Malaysia, ACE Market of Bursa Securities, and third parties necessary or appropriate to carry out and complete the sale, the Vendors obtaining of approval of EDTSB and all approvals, consents, authorizations, permits or waivers of all Relevant Authorities, including Ministry of Health and third parties necessary or appropriate to carry out and complete, obtaining of all approvals by banks, financial institutions and/or creditors of EDTSB wherever required for the transactions contemplated in the SSA, letters of confirmation from all creditors of EDTSB, letters of confirmation/ statement from the chargee of the EDTSB's Loan to confirm that the outstanding sum(s) owing to them by EDTSB and the execution of an escrow agreement between the escrow agent and the parties in the form and substance agreeable to the escrow agent and the parties. As of December 22, 2022, LYC Dental & Aesthetic Holdings Sdn Bhd and Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei entered into a supplemental agreement ) to supplement certain terms and conditions of share sale agreement as well as to extend the cut-off date to fulfil/rectify the conditions precedent. The expected competition date has extended to March 31, 2023. LYC Dental & Aesthetic Holdings Sdn Bhd agrees to pay a further sum of MYR 1.1 million from the Purchase Consideration in addition to the refundable Deposit to Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei in accordance to their shareholding proportionately as stipulated in the SSA. The additional Deposit and Deposit amounting MYR 1.65 million equivalent to 30% of the Purchase Consideration ("Revised Deposit") be paid by LYC Dental & Aesthetic Holdings Sdn Bhd to the LYC Dental & Aesthetic Holdings Sdn Bhdâs Solicitors as stakeholder for Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei within 7 days from the date the Documentation Stakeholder receives the Stakeholder Documents pursuant to the SSA and Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei acknowledged the same shall form part payment towards the Purchase Consideration.
LYC Healthcare Berhad (KLSE:LYC) acquired 55% stake in Elite Dental Team Sdn Bhd from Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei on May 3, 2023.
LYC Healthcare Berhad is an investment holding company. The Company operates through three segments: Healthcare Services, Computing and Electronic Services, and Others. The Healthcare Services include provision of mother and child care related services such as postnatal and postpartum care, post-delivery confinement care, and aesthetics, provision of senior nursing home care and related services, provision of healthcare related services, provision of cosmetics related services and medical aesthetic treatment, provision of child day care services, provision of medical and surgical advisory services, dealing in raw and finished, consumable and non-consumable food ingredients. The Computing and Electronic Services include performing research and development, and the provision of e-manufacturing solutions and information technology outsourcing service, dealers of computers and other related products. The Others segment provides Investment holding and provision of management services.
LYC Healthcare Berhad acquired 55% stake in Elite Dental Team Sdn Bhd from Kenneth Wong Pak Ken, Wong Chew Weng, Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei.