Cordlife Group Limited
Annual Report 2016
103
Notes to
The Financial Statements
for the financial year ended 30 June 2016
34. Investment in subsidiaries (cont’d)
Name of company
Country of
incorporation
Principal activities
Percentage of
equity held
2016
2015
%
%
Held by Stemlife Berhad
Stemlife Properties Sdn. Bhd.
6
Malaysia
Property investment
89.88
31.81
company
Stemlife Therapeutics Sdn. Bhd.
6
Malaysia
Cord lining banking
89.88
31.81
services
SL Diagnostics Sdn. Bhd.
6
Malaysia
Dormant
89.88
31.81
Stemlife Logistics Sdn. Bhd.
6
Malaysia
Dormant
89.88
31.81
StemVet Sdn. Bhd.
6
Malaysia
Dormant
–
31.81
Stemlife Pte. Ltd.
9
Singapore
Management services
89.88
–
6
Audited by Ernst & Young, Kuala Lumpur
8
As at 30 June 2015, the investment in Stemlife Berhad was classified as an associate (Note 11)
9
Incorporated on 23 November 2015, the subsidiary has not completed a full financial year and has not yet appointed its
auditor
Acquisition of subsidiaries
Cordlife Sciences (India) Pvt. Ltd.
On 12 October 2015, the Group’s subsidiary, CS Cell Technologies Pte. Ltd., acquired an additional 14.99% of
equity interest in its 85% owned subsidiary, Cordlife Sciences (India) Pvt. Ltd. for S$891,000.
Stemlife Berhad
On 12 November 2015, the Group served a notice of conditional mandatory take-over offer (the “Offer”) on the
board of directors of Stemlife to acquire all the remaining ordinary shares of RM0.10 each in the capital of
Stemlife not already owned by the Company.
The Group obtained control of Stemlife on 7 December 2015 with an interest in Stemlife of approximately
50.03%. Subsequent to gaining control, the Group continued to receive acceptances to the offer and acquired
shares in Stemlife up to the close of the Offer on 2 February 2016. At the close of offer, the Group obtained
39.85% interest from the non-controlling interests in Stemlife to arrive at a total interest in Stemlife of 89.88%
(the “Acquisition”).
The Acquisition will enable Cordlife to enlarge its geographical footprint in Asia, and is in line with the Group’s
intentions, as stated in its listing prospectus, to expand its business operations overseas.
