Hong Seng Consolidated Bhd today entered into a share sale agreement with MMAG Holdings Bhd’s wholly owned subsidiary United ICT Consortium Sdn Bhd for the proposed acquisition of a 49% stake in HS Bio Supplies Sdn Bhd for RM980,001 cash.
HS Bio will become a wholly-owned subsidiary of the company on the completion of the sale and purchase of the sale shares. Notwithstanding that MMAG will cease to be an ultimate shareholder of HS Bio upon the completion of the proposed acquisition, MMAG Group will still be working closely with HS Bio to support it in its healthcare related business, particularly to assist in its third and fourth party logistics services.
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