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BATM's Adaltis receives Chinese investment

21 December 2016 07:25

BATM Advanced Communications says its wholly-owned subsidiary, Adaltis, a manufacturer of medical diagnostics equipment, has now received the investment from its Chinese joint venture partner, Egens Biotechnology Company Ltd, announced on 30 June. Egens has paid RMB20m (approximately US$2.85m) to Adaltis in exchange for 4.93% of Adaltis's enlarged share capital, valuing Adaltis at approximately US$58m.

As previously announced, Egens has also made the further investment, by way of a shareholder loan, to Adaltis Bio Med Company of US$1.5m. Adaltis's interest in ABC remains at 40%.

Egens also has an option to purchase a further 10% of Adaltis's share capital, which will be exercisable for 90 days after the approval of either Adaltis's 2016 or 2017 financial statements. The purchase price is expected to be based on a valuation of Adaltis at 5.5 times turnover.

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