The remaining $13.5 million will be satisfied by the issue and allotment of 72.97 million new shares to the shareholders of Cornerstone Asia Health at the issue price of 18.5 cents each.
Asian Healthcare Specialists, on June 30, entered into a sale and purchase agreement (SPA) with the other shareholders of its subsidiary, Cornerstone Asia Health, to acquire the remaining 49% shares it does not own in the latter, for a consideration of $16 million.
Of the sum, $2.5 million will be paid in cash on the completion of the SPA, which will be funded by the proceeds of the placement of 17.7 million shares in the capital of Asian Healthcare Specialists on April 26.
