GLOVE manufacturer and distributor UG Healthcare acquired the remaining interest of its 19.3 per cent-owned subsidiary in Europe, Unigloves Germany, for 16.9 million euros (S$24.7 million).
This would allow the group to consolidate its control in the unit and increase its participation in Unigloves Germany’s marketing and distributing operations, said UG Healthcare on Wednesday (May 8).
Unigloves Germany is an investment holding company that owns an entire equity interest in a company that imports and exports medical treatment utilities.
Together with this subsidiary, Unigloves Germany has served as one of UG Healthcare’s important downstream distribution networks in Europe since its initial public offering in 2014, added the group.
UG Healthcare intends to finance the acquisition through a combination of loans and a 6.4 million-euro contribution made by Unigloves Singapore to the free reserves of Unigloves Germany.
Based on UG Healthcare’s latest audited financial statements for FY2023 and Unigloves Germany’s audited management accounts for Dec 31, 2023, UG Healthcare’s loss per share after the acquisition would have been S$0.0327 instead of S$0.0332.
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This is assuming that the acquisition was completed on Jul 1, 2022.
Had the acquisition been completed on Jun 30, 2023, the group’s net tangible assets per share as at end-June 2023 would have been S$0.2569 instead of S$0.2889.
Shares of UG Healthcare : 8K7 0% ended Tuesday S$0.002 or 1.8 per cent higher at S$0.111.
