MClean to acquire 60% equity interest in JCS Biotech

PETALING JAYA: MClean Technologies Bhd wholly-owned subsidiary MClean Precision Pte Ltd has proposed to acquire 60% equity interest in JCS Biotech Pte Ltd in Singapore from its vendors for a total purchase consideration of RM135mil.

In a filing with Bursa Malaysia yesterday, MClean noted the RM135mil consideration will be satisfied via a combination of RM18mil in cash, issuance of about 329.32 million new MClean shares at an issue price of 22 sen each, which is equivalent to RM72.45mil, and the issuance of 202.5 million irredeemable convertible preference shares in MClean at an issue price of 22 sen each, equivalent to RM44.55mil.