Axington's acquisition of Vesta Apex Trading falls through after failing to win shareholders' approval

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AXINGTON Inc will not proceed with its proposed S$12 million acquisition of a Malaysia-based medical products distributor after failing to obtain shareholders' approval for the deal. Read more at The Business Times.

The issue price represents a discount of 14.9 per cent to the volume-weighted average price of 21.1 Singapore cents for trades done on the Singapore Exchange on July 13. This is the last traded closing price on the market day preceding the date of the conditional SPA signed with seller Ng Shing Lay.

The proposed deal was meant to kickstart Axington's proposed core business change and pave the way for its expansion into the medical and consumer wellness sector. The firm is looking to change its core business to the provision of medical and consumer wellness services, and investments in medical technology, robotics and artificial intelligence technology applications in the medical and consumer wellness space. It currently provides advisory services, such as internal audit and quality assurance review, as well as strategy and risk advisory.

As at Friday, Axington shares continue to remain suspended since July 27. They last traded at S$0.22 on July 13.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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