Cordlife hikes stake in Malaysian cord blood bank Stemlife

StemLife will become a subsidiary.

Mainboard-listed Cordlife Group has increased its shareholding in StemLife Berhad from 48.94% to 50.03%.

Cordlife announced on Tuesday that its offer to acquire all the remaining ordinary shares of StemLife that it does not yet own has become unconditional.

On Monday, CordLife bought 2.7 million shares for RM 0.45 per StemLife share, amounting to a consideration of $406,355.

Earlier this month, Cordlife bought 17.379 million shares in the Malaysian cord blood and stem cell bank for RM 0.45 per share, which amounts to a total consideration of $2.62m.

Cordlife directors Ho Choon Hou and Yee Pinh Jeremy are also directors of StemLife. The acquisition is not expected to have an impact on the group's FY16 results.