SINGAPORE - Mainboard-listed Q&M Dental Group said on Monday that it has signed a binding points of agreement to acquire 60 per cent of the shareholding in Smilebay Dental Clinics for RM12.29 million (S$4.41 million) in cash and shares.

Q&M Dental said the proposed acquisition is in line with its plan to continue the expansion of its main dental business in Malaysia and allows it to add 6 fully operational clinics in Penang, Malaysia.

The vendors of the shares are Doctors Yong Peng San, Tong Hiew Yu, Tan Pui Ling and Lim Sze Ming who will receive RM6.77 million in cash. Shares in Q&M Dental worth RM4.52 million will be issued to Dr Yong.

The Company will also increase the issued capital of Smilebay Dental Clinics by RM1 million within 1 month of the acquisition's completion.