Q&M acquires 60% stake in Chinese dental group
Mainboard-listed Q&M Dental Group announced on Tuesday plans to further expand its presence in China.
The local dental group signed a Memorandum of Understanding to acquire a 60 per cent stake in the Aoxin Stomatology Group for about $21.6 million, through its unit Q&M Dental Holdings (China).
"This is obviously a significant step in our expansion plans in China as the proposed acquisition will provide a ready-made stage and presence for Q&M Dental Group in North-Eastern China" in the Liaoning, Jilin and Heilongjiang provinces, said Q&M Dental Group chief executive Dr Ng Chin Siau.
Under the agreement, Q&M China will receive a profit guarantee from Dr Yongxin Shao, by way of dividends amounting to about $26.6 million, over a period of 12 years.