Hong Seng to acquire 51% stake in RZAC Immunesafe for RM20mil

Hong Seng executive director and HS Bio director Christopher Chan

KUALA LUMPUR: Hong Seng Consolidated Bhd’s wholly-owned subsidiary, HS Bio Sdn Bhd (HS Bio) has entered into a share sale agreement to acquire a 51 per cent stake in the COVID-19 antibody test kit distributor RZAC Immunesafe Sdn Bhd for RM20 million.

In a statement today, Hong Seng said the total purchase consideration of RM20 million comprises a cash payment of RM2 million and the issuance of 37,800 new ordinary shares in HS Bio worth RM18 million.