BATM Advanced Communications Ld BATM's Adaltis receives Chinese investment (4174S)
21 December 2016 - 6:00PM
UK Regulatory
TIDMBVC
RNS Number : 4174S
BATM Advanced Communications Ld
21 December 2016
21 December 2016
BATM Advanced Communications Limited
("BATM" or "the Group")
BATM's Adaltis receives Chinese investment
Further to the announcement on 30 June 2016, BATM Advanced
Communications Limited (LSE: BVC), a leading provider of real-time
technologies for networking solutions and medical laboratory
systems, is pleased to announce that its wholly-owned subsidiary,
Adaltis, a manufacturer of medical diagnostics equipment, has now
received the investment from its Chinese Joint Venture partner,
Egens Biotechnology Company Ltd. ("Egens"), a leading biotechnology
company combining biological material development and diagnostic
reagent manufacturing.
Egens has paid RMB20m (approximately US$2.85m) to Adaltis in
exchange for 4.93% of Adaltis' enlarged share capital, valuing
Adaltis at approximately US$58m.
As previously announced, Egens has also made the further
investment, by way of a shareholder loan, to Adaltis Bio Med
Company ("ABC") of US$1.5m. Adaltis' interest in ABC remains at
40%. Egens also has an option to purchase a further 10% of Adaltis'
share capital, which will be exercisable for 90 days after the
approval of either Adaltis' 2016 or 2017 financial statements. The
purchase price is expected to be based on a valuation of Adaltis at
5.5 times turnover.
Dr Zvi Marom, Chief Executive Officer of BATM, said: "China is
one of the world's largest and growing markets and a key target
market for our Biomed solutions. We are pleased that our long-term
partner has completed the investment in Adaltis. We expect to be
able to serve and support major customers in China and gain market
share in this important market."
Enquiries:
BATM Advanced Communications
--------------------------------- -----------------
Dr Zvi Marom, Chief Executive
Officer +972 9866 2525
--------------------------------- -----------------
Moti Nagar, Chief Financial
Officer
--------------------------------- -----------------
finnCap
--------------------------------- -----------------
Stuart Andrews, Scott Mathieson +44 20 7220 0500
--------------------------------- -----------------
Shore Capital
--------------------------------- -----------------
Mark Percy, Anita Ghanekar +44 20 7408 4050
--------------------------------- -----------------
Luther Pendragon
--------------------------------- -----------------
Harry Chathli, Claire Norbury +44 20 7618 9100
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This information is provided by RNS
The company news service from the London Stock Exchange
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