KUALA LUMPUR: LYC Healthcare Bhd
has proposed to dispose of its entire 55% stake in Elite Dental Team Sdn Bhd for RM6.5mil cash.
In a filing with Bursa Malaysia, LYC said its wholly-owned subsidiary, LYC Dental & Aesthetic Holdings Sdn Bhd (LYC D&A) entered into a share sale agreement (SSA) with Dr. Wong Chew Weng for the proposed disposal of 178,200 shares in Elite Dental.
In a prior transaction, LYC D&A had, vide an SSA dated July 4, 2022, and a supplemental agreement dated Dec 22, 2022, purchased the 178,200 shares in Elite Dental from Kenneth Wong Pak Ken, Dr Wong,
Carmen Yuen Chia-Wen, Yee Xin Le and Sylvia Lim Sze Wei for RM5.5mil cash.
“The board believes that the proposed Disposal provides a strategic opportunity for the company to realise the value of its investment in Elite Dental, while streamlining the group's operations by divesting a loss-making subsidiary,” it said.
Elite Dental reported net losses for the financial year ended March 31, 2023 and 2024 or RM300,000 and RM430,00, respectively.
