Fatfish Internet Group has announced that the Malaysia incorporated subsidiary of its Singapore based venture builder unit Fatfish Internet Pte. Ltd., Fatfish Ventures Sdn. Bhd.(“Fatfish Malaysia”), has acquired 16 million ordinary shares, equivalent to 7.7% of the issued capital, of Peterlabs Holdings Berhad (“PLABS”), a biotechnology manufacturing company is listed on the ACE Market of Bursa Malaysia, the sole stock exchange of Malaysia.
The 16 million PLABS shares were purchased via off-market transaction at a purchase consideration of Ringgit Malaysia (RM) 29 cents per share or for a total consideration of RM4.64 million (AUD1.39million). The PLABS shares were purchased from Mr Lim Tong Seng and Mr Teo Chin Heng, who are the Managing Director and Executive Director of PLABS respectively. The purchase of PLABS shares by Fatfish Malaysia is entirely funded by debt raised from private investors in Malaysia. This loan is non-recourse in nature to FFG as it is collateralised against the PLABS shares purchased.
PLABS is a leading specialist biotechnology company in Malaysia that focuses on the research & development, manufacturing and marketing of animal health and nutrition products for the agricultural and veterinary pharmacological industry. PLABS currently owns one of a very handful of Good Manufacturing Practice (GMP) – certified manufacturing plants in Malaysia that produces a wide range of animal feed additives, veterinary pharmacological and biological products. PLABS generated a revenue of RM 83.58 million (AUD 25 million ) and Profit Before Tax of RM5.22 million(AUD1.56 million) for its financial year ending 31 December 2016.
The management of FFG believes the strategic investment into PLABS will allow FFG to begin its foray into the growing health and life-science industry. FFG intends to use its unique co-entrepreneurship and venture building models to accelerate the growth of its current and future investee companies incorporating new cutting edge and futuristic technologies.
No connected person or director of FFG is directly or indirectly involved in this transaction,.