The acquisition consideration will be satisfied by the payment of $776,160 in cash and the allotment and issuance of 47,616,465 ordinary shares of Livingstone Health at an issue price of 1.7 cents to the counterparties.
Livingstone Health Holdings is proposing to internally reorganise its subsidiaries and acquire the remaining 49% of the total issued share capital of Phoenix Medical Group (PMG) for $1.58 million.
Currently, Livingstone Health owns 51% of PMG, with the remaining 49% owned by Dr Lee Kai Lun, Dr Chua Hsan Cher and Dr Foong Ching Ching — collectively, the counterparties.
