Singapore: Aoxin Q&M acquires 49% stake in Acumen Diagnostics for S$29.4m

Aoxin Q&M Dental Group, a leading provider of private dental services and dental equipment and supplies in the Liaoning Province, China is set to acquire 49% of Acumen Diagnostics in Singapore for a consideration of S$29.4m (US$21.7m), valuing the company at S$60m. The remaining 51% of Acumen is held by Singapore-based parent, Q&M Dental. Q&M Dental will effectively own 67.15% of Acumen Diagnostics thanks to its shareholding in Aoxin Q&M.

In April 2020, Q&M Dental, which operates the largest network of private dental outlets in Singapore, invested S$3m to set up Acumen Diagnostics, which is a Covid-19 diagnostic manufacturer.

The deal is financed through the allotment and issuance of 127,272,726 new ordinary shares in the capital of Aoxin at an issue price of S$0.231 per share. It will decrease Q&M’s direct shareholding interest to 32.95% from 43.9%.

The purchase paves the way for an Aoxin Q&M and Acumen Diagnostics joint venture.