Embracing Future to Acquire Stakes in Four Companies; Shares Surge 11%

MT Newswires

01/09

Embracing Future (SGX:8YY) agreed to acquire stakes in four companies, according to a Friday filing with the Singapore Exchange.

The company agreed with Shinji Katsuki to acquire a 10% stake in Embracing Future Biomedical for SG$6.7 million, satisfied through the issuance of around 66.5 million shares in the company.

A separate agreement was made with Zhou Jun to acquire a 10% stake in Super Alpha Tech for SG$650,000 through the allotment of 6.5 million shares.

The company also agreed with its executive director and chairman, Zhu Hua and Beijing Zhenghe Antai Investment Management to acquire the entire 100% stake in Beijing Weilai Media Advertising for SG$68 million through the issuance of around 1.05 billion shares in the company.

Meanwhile, the company also agreed with its chairman to acquire a 49% stake in its subsidiary, Embracing Future MCN Technology, for SG$104,000 through the issuance of 1.6 million shares in the company.

The proposed acquisitions are part of the company's strategy to diversify into technology-based lifestyle business.

Shares of the medical technology company surged nearly 11% in Friday trading.

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