KUALA LUMPUR, Jan 17 – Genting Bhd today announced that DNA Electronics Limited (DNAe), its indirect 82.1 per cent-owned subsidiary, has completed the acquisition of the entire issued share capital of NanoMR, Inc (NanoMR) for a total cash consideration of about US$24.0 million (US$1= RM3.57).
In a filing to Bursa Malaysia today, Genting said the acquisition was completed by way of a merger under the laws of Delaware, United States. NanoMR is a development-stage diagnostics company based in New Mexico while DNAe undertakes research and development on technologies for genetic analysis and sequencing.
Genting said the purchase consideration was determined on a willing buyer, willing seller basis taking into consideration NanoMR’s know-how and intellectual property, which are expected to expedite DNAe’s development work. On the completion of the acquisition, DNA Electronics US Inc. (DNAE US), a wholly-owned unit of DNAe, has been merged into NanoMR, making NanoMR as the surviving entity and a wholly-owned subsidiary of DNAe.
Consequently, the separate corporate existence of DNAE US ceased and NanoMR will continue its corporate existence under the laws of Delaware. The acquisition and merger are not expected to have any effects on Genting group’s earnings or net assets for the financial year ending Dec 31, 2015, the statement said.