SINGAPORE (Mar 19): Rowsley says the cash consideration for the warrants of TMC Life Sciences (TMCLS) is set at RM103.75 million ($34.8 million).

This is derived from the volume weighted average price of TMCLS warrants traded on Bursa Securities for the one-month period to March 19 of MYR 0.1737 per warrant, multiplied by an aggregate of some 597.3 million TMCLS warrants.

As announced last Dec, Rowsley is acquiring the healthcare businesses of Thomson Medical from controlling shareholder Peter Lim for $1.6 billion.

The businesses consist of privately-held Thomson Medical and a 70.36% stake in Bursa-listed TMC Life Sciences.

In exchange, Rowsley will issue Lim 21.3 billion new shares at 7.5 cents each and acquire the 597.3 million TMCLS warrants.

See: Rowsley signs binding agreement to acquire $1.6 bil worth of healthcare assets from Peter Lim; to be renamed Thomson Medical Group

Shares in Rowsley last traded at 12 cents on Mar 16.