JOE Holding (M) Investment Limited acquired a 12.40% stake in Bioalpha Holdings Berhad (KLSE : BIOHLDG) for MYR 45 million on May 27, 2022. The purchase consideration was based on the willing seller willing buyer basis at MYR 0.30 per share. The acquisition is funded from borrowings. The acquisition is not subject to the approval of shareholders of the JOE. The acquisition will not have any effect on the share capital, net assets, gearing, earnings and substantial shareholders' shareholdings of JOE for the financial year ending March 31, 2023. As a result, the JOE is cautiously optimistic that the acquisition will provide a positive capital return which will contribute to the earnings of the JOE in the medium to long term.

JOE Holding (M) Investment Limited completed the acquisition of a 12.40% stake in Bioalpha Holdings Berhad (KLSE : BIOHLDG) on May 27, 2022.