Catalist-listed Accrelist Ltd. (Catalist:QZG) intends to acquire a 60% equity stake in a health management company for CNY 1.5 million (SGD 280,000), the group said on July 3. Accrelist, which has business in skincare products, medical aesthetics and electronics solutions, will acquire 1.5 million newly issued and paid-up shares in Accrelist Nanjing, formerly known as Nanjing Yi Chuangyuan Health Management Co., Ltd. Information on Accrelist Nanjing's book value and net tangible asset value attributable to the sale shares as at March 31 is not available as the company "never prepared management accounts and/or financial statements", said Accrelist. It added: "There is no open market value of the shares of Accrelist Nanjing as the latter is not publicly traded and no valuation has been carried out in connection with the acquisition." The proposed acquisition will be funded entirely by Accrelist Medical Aesthetics (Hainan)'s internally available disposable resources, including loans it received from the group. Accrelist Medical Aesthetics (Hainan) is the group's 95% owned subsidiary.

Following the acquisition, Accrelist's executive chairman and managing director Terence Tea will be appointed Accrelist Nanjing's legal representative and general manager for a term of two years. Mr. Tea said: "Accrelist Nanjing's foundation and comprehensive offerings provide a solid platform for growth. I am confident that our combined expertise and market knowledge will enable us to achieve significant milestones and create long-term value for our shareholders." The primary scope of business of Accrelist Nanjing ranges from remote health management services and traditional Chinese medicine to non-medical health services.