C01589-2017 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 62,276,060 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Acquisition of the Company of 100% of the shareholdings of MedX Pte. Ltd. (“MedX”). |
Background/Description of the Disclosure |
This is in compliance with the request for additional information by the PSE regarding the Company’s disclosure dated 17 March 2017 pertaining to the Company’s acquisition of 200 shares or 100% of MedX for Two Singapore Dollars (S$2.00) |
Date of Approval by Board of Directors |
Mar 17, 2017 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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The Company is contemplating the launching of Project MeDx, although no definitive steps or action have yet been taken. MedX is envisioned to be a transformative complete healthcare platform aimed at providing greater accessibility to healthcare. |
Date | Mar 17, 2017 |
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Manner |
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The Company paid for the acquisition of 200 shares or 100% of the shareholdings of MedX in cash. |
Description of the company to be acquired or sold |
MedX currently has no operations, but the Company may use MedX to house a line of business in the future. Please see above for the description of MedX. |
Number of shares to be acquired or disposed | 200 |
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Percentage to the total outstanding shares of the company subject of the transaction | 100 |
Price per share | 0.01 Singapore Dollars |
Nature and amount of consideration given or received |
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Full payment in cash of Two Singapore Dollars (S$2.00) |
Principle followed in determining the amount of consideration |
Lowest acceptable consideration according to Singapore Law given that the company is a shell company and is not operating. |
Terms of payment |
Full payment in cash |
Conditions precedent to closing of the transaction, if any |
None. |
Any other salient terms |
None. |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Chan Wai Leong | Chan Wai Leong (Transferor) is currently a director of the Company. | |
Hector Thomas A. Navasero | Hector Thomas A. Navasero (Transferor) is currently the Executive Chairman of the Company. |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The Company may use MedX to house a line of business in the future. The effect on the business, financial condition and operations of the Company cannot be determined as of this time. |
Other Relevant Information |
None. |
Name | Leopoldo III Aquino |
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Designation | Corporate Information Officer |