KUALA LUMPUR (Oct 28): Hextar Healthcare Bhd, formerly known as Rubberex Corp (M) Bhd, saw the emergence of Revongen Corp Sdn Bhd as its new substantial shareholder with 176.62 million shares or a 16.2% stake.
The latest allotment of shares to Revongen came as Hextar Healthcare bought into test kit manufacturer Reszon Diagnostics International Sdn Bhd for RM180 million via a combination of RM54 million cash and RM126 million worth of shares issuance.
The acquisition forms part of Hextar Healthcare’s plan to diversify into the healthcare sector.
Revongen is 71.2%-owned by Law Eng Lim, who is a director in Reszon. The remaining shareholding in Revongen is owned by Olympia Tier Sdn Bhd (23.8%) and Neogon Holding FZE (5%).
Olympia Tier, meanwhile, is 80%-owned by Gan Kok Wee, with Pook Jyh Long and Goh Seok Seong owning 10% each in the company.
According to Hextar Healthcare’s circular for this diversification, the group’s single largest shareholder Datuk Eddie Ong Choo Meng’s shareholding will be diluted to 29% after the acquisition, from 34.7%.
Shares of Hextar Healthcare, which fell 44% from its year-to-date high of 77.5 sen, closed unchanged at 43.5 sen on Friday, giving the company a market capitalisation of RM475.54 million.