Aoxin Q & M Dental Group
Two of Aoxin Q & M Dental Group's subsidiaries have entered into a binding framework agreement to acquire a property each in China from a relative of the group's chief executive officer.
The purchase amount for the first property works out to around 10.25 million yuan (S$2 million) and for the second, 8.67 million yuan.
Both properties are in Shenyang in Liaoning province, and were acquired from Ms Shao Li Hua, the sister of CEO Shao Yongxin. Dr Shao is deemed to have an interest of 28.67 per cent in Aoxin Q & M Dental Group.
The first property, at 192 Danan Street, comprises a shop unit on the first and second floors of a seven-storey building with a gross floor area of 477 sq m. Aoxin Q & M Dental's subsidiary previously acquired the shop unit on the first and second floors of 190 Danan Street and currently occupies three shop units. Aoxin Q & M Dental Group's subsidiary, Shenyang Aoxin Q & M Stomatology Hospital Co, has merged the four units to create a dental hospital.
The second property on Xita Street comprises a shop unit on the first, second and third floors of a nine-storey building. Shenyang Heping Q & M Aoxin Stomatology Polyclinic Co currently occupies the property, which has a gross floor area of around 420 sq m.
Catalist-listed Medinex shares closed at 28 cents on their trading debut yesterday, up from the initial public offering (IPO) price of 25 cents. Shares in Medinex, a provider of professional support services to medical clinics,opened trading at 28.5 cents and traded between 27.5 cents and 29 cents. About eight million shares changed hands.
All 30 million shares of the IPO's placement tranche were subscribed for at the close on Wednesday. There was no public tranche.
Medinex helps clients oversee the setting up of clinics and also offers accounting and tax agent services, human resource management services and corporate secretarial services.
The IPO raised net proceeds of $5.32 million. Based on the IPO price, Medinex has a market cap of $32.8 million, which is 25 times its pro forma net profit of $1.3 million last year. It intends to use $4 million of the net proceeds to expand its marketing and business development team, and could also acquire human resources consulting services group Ark Leadership & Learning, which is owned by Medinex chief executive Jessie Low's sister Valerie. The remaining $1.32 million is earmarked as working capital.