Singapore-listed Cordlife Group announced on Monday that it has acquired a further 11.89 per cent stake in StemLife, an associated company of Cordlife. This brings Cordlife's total stake to about 31.81 per cent in StemLife.

Cordlife, a provider of cord blood and tissue banking services said in a statement that a cash payment of RM17.66 million was made for the stake in Malaysia-listed StemLife.

StemLife provides cord-blood banking services.

Cordlife also aspires to be a multi-product healthcare company, with a focus on the mother and child segment.

Cordlife chief executive Jeremy Yee said: "Malaysia will be one of our key markets going forward. With our acquisition of the additional stake in StemLife, we are well-positioned to further benefit from the tremendous growth opportunities in Malaysia driven by rising affluence and greater health awareness."

He added that with the increased stake in StemLife, the group could work with StemLife to cross-sell services and products in Malaysia and Thailand.