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Asian American Medical buys 95.1% of Malaysian company

Asian American Medical Group Ltd. said its wholly owned unit Million Health Ventures Pte. Ltd. acquired 95.1% of Hippocrates Development Sdn. Bhd.

Hippocrates Development is a Malaysia-based investment holding company. It owns 5 acres of land in Iskandar Puteri, Johor, intended for the establishment of an integrated cancer center.

Under the deal, Million Health acquired 19,408,163 Hippocrates Development shares by paying 5.6 million Malaysian ringgit in cash and issuing 40 million new Asian American shares priced at 10.5 Australian cents each.

Asian American said the integrated cancer center's development is in line with its strategies to expand into other Asian markets and broaden its radiation and oncology service offerings. Asian American is based in Singapore and listed on the Australian Securities Exchange.

As of March 7, US$1 was equivalent to 3.90 Malaysian ringgit.