The conditions for the proposed transactions made by Quantum Healthcare’s 60%-owned indirect subsidiary, The Dental Hub, have not been fulfilled by the long-stop date, which falls on Jan 3, says Quantum Healthcare.
As a result, the conditional business transfer agreement (BTA) that was entered into, has lapsed and ceased to have any further effect.
Quantum Healthcare, on Oct 3, 2022, announced that The Dental Hub had entered into a conditional BTA to acquire the businesses of the vendors including the transfer of the businesses’ sale assets.
The vendors in question are Singapore-incorporated private companies that are 70%-owned by HSI Dental.
The vendors, which include The Dental Hub@SG Pte. Ltd., 84 INC Pte. Ltd., and Dentaltrendz JP Pte. Ltd., run The Dental Hub clinics at various locations. They are, along with HSI Dental and Healthsciences International Pte. Ltd., part of the Mainboard-listed New Silkroutes Group.
The proposed transaction had a total cash consideration of $4.45 million.
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The expiry of the long-stop date and the lapse of the BTA will not have any material impact on Quantum Healthcare’s net tangible assets (NTA) and earnings per share (EPS) for the FY2022 ended Dec 31, 2022.
Shares in Quantum Healthcare closed flat at 0.6 cent on Jan 3.
