BATM's Adaltis receives Chinese investment

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	[phone]
Moti Nagar, Chief Financial Officer
finnCap
Stuart Andrews, Scott Mathieson	[phone]
Shore Capital
Mark Percy, Anita Ghanekar	[phone]
Luther Pendragon
Harry Chathli, Claire Norbury	[phone]

 

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