Dr Ng Chin Siau, founder and CEO of Q&M Dental Group (SGX:QC7
) (Q&M Dental), has tighten his grip on his growing dental chain and the separately-listed Aoxin Q&M Dental Group (SGX:1D4) (Aoxin).
On April 6, Quan Min Holdings, an entity used by Ng and related parties to control Q&M Dental, paid about $1.7 million to buy 3.036 million shares from the open market, which works out to an average of 56.07 cents apiece.
This brings the total stake under Quan Min Holdings from 56.7% to 57.02%, which translates to just slightly above 540 million shares.
Under Ng, Q&M Dental is on an acquisition binge, pursuing three concurrent acquisitions in home ground Singapore, as well as Thailand and Australia.
On the same day, Q&M Dental acquired 1.2 million shares in Aoxin for $221,400, which translates to an average price of 18.45 cents apiece.
This latest open market purchase increases Q&M Dental’s stake in Aoxin from 53.61% to 53.73%.
See also: Frencken's Au trims stake with 70,000 shares sold at $2.15 each
Aoxin recently announced plans to acquire a China-based dental group for RMB150 million.
Shares of Q&M Dental closed at 56 cents on April 6, up 2.75% for the day and up nearly 90% in the past year.
Aoxin, meanwhile, closed at 18.5 cents, down 0.54% for the day but up 516% in the past year.
