KUALA LUMPUR: Sunzen Biotech Bhd
’s acquisition of 70 per cent equity interest in Eye Nation Medical Sdn Bhd, a company engaged in the optical medical diagnostic equipment business, will allow the group to expand into the ophthalmic industry.
In a filing with Bursa Malaysia yesterday, Sunzen announced that it had entered into a share purchase agreement with Eye Nation Medical’s directors, Lee Peng Hwa and Lay Lee Chin, for RM6.37 million in cash.
Upon completion of the acquisition, Eye Nation will be a 70 per cent owned subsidiary of Sunzen.
Sunzen group managing director Teo Yek Ming said that by expanding into the ophthalmic industry, the group can gain immediate access to new markets in Malaysia through Eye Nation’s extensive experience and specialised industry knowledge.
"Sunzen can leverage these connections to enter new markets and tap into Eye Nation’s strong relationships with healthcare providers, such as hospitals and medical professionals, as well as with product principals, to strengthen our position in the ophthalmic industry.
"In addition, Eye Nation is an established entity in the ophthalmic industry, equipped with the necessary licences, certifications, and compliance systems,” he told reporters during a press briefing here today.
Teo noted that the acquisition will assist the Sunzen group in navigating complex regulatory requirements, meeting industry standards, ensuring product compliance, and reducing the risk of legal issues.
"This acquisition is expected to contribute positively to the future financial performance of the Sunzen group, enhancing the group’s revenue and profitability, as it is secured by a profit guarantee of an audited profit after tax of RM2.60 million over the next two financial years,” he said.
Teo opined that the acquisition will also support the group’s long-term strategies and objectives as well as enhance shareholder value in the future.
Sunzen Biotech is primarily involved in the manufacturing and sale of human healthcare products and also operates a money-lending business focusing on loans for small and medium enterprises. - Bernama
