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HS Optimus to Acquire 30% Stake in Medicorp

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HS Optimus (SGX:504) agreed to acquire a 30% stake in Medicorp from Lee Rui Ren for SG$4.2 million, according to a Tuesday filing with the Singapore Exchange.

Medicorp is a Brunei-incorporated medical equipment and supplied company.

The acquisition will be satisfied through the issuance and allotment of new shares in the company's capital at an aggregate value of up to SG$1 million and balance of the consideration will be made in cash at SG$0.0054 per share.

Upon completion, Medicorp will become and associate company of HS Optimus, the filing said.

Under the agreement, the manufacturer and distributor of doors can also have a put option to purchase an additional stake in Medicorp for SG$2.7 million within three years, taking the potential shareholding to 49%.

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