Malaysia's Sunzen Biotech Bhd. agreed to acquire 70% equity interest in Ecolite Biotech Manufacturing Sdn Bhd.
Ecolite Biotech is a Malaysian health and wellness company that manufactures and sells herbal drinks and food, as well as related health products.
The company will acquire a total of 5,250,000 ordinary shares from sellers Chum Mun Cuan and Lim Poh Chuw for 12.1 million ringgit to be paid through the issuance of 40,848,678 new ordinary shares.
The deal will close after 10 business days.
Sunzen Biotech aims to expand its business in the manufacturing and distribution of traditional Chinese medicines and herbal health foods and beverages through the acquisition.
As of May 30, US$1 was equivalent to 3.99 ringgit.
