CFM seeks to acquire 51% stake in Covid-19 testing kit distributor for $6 mil

Atiqah Mokhtar
Atiqah Mokhtar6/3/2021 9:3 AM GMT+08  • 3 min read
CFM seeks to acquire 51% stake in Covid-19 testing kit distributor for $6 mil
The acquisition is subject to shareholders’ approval, to be sought at an EGM at a later date.
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Catalist-listed metal-stamping firm CFM Holdings has on June 3 entered into a sale and purchase agreement (SPA) to acquire 51% of the issued share capital in SING-SWE MM Biotechnology, a distributor of Covid-19 testing kits.

The acquisition is subject to shareholders’ approval, to be sought an extraordinary general meeting (EGM) to be held at a later date.

Under the SPA, CFM will acquire the shares for an aggregate consideration of $6.1 million, which will be satisfied through the issuance of up to 120 million new ordinary shares in CFM at an issue price of 5.1 cents per share.

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