(Yicai Global) July 6 -- Two subsidiaries of Hakim Unique will jointly contribute USD33.50 million to acquire a medical company in the US state of California to indirectly hold a 51-percent total equity stake in Golden State Medicare Health Plan.
Its wholly-owned subsidiary Hakim International Development will raise USD8.40 million to buy 8,376,750 Class B common shares issued by MacArthur Court Acquisition at a price of USD1 per share, thus taking 12.75 percent of all issued and outstanding Class B common shares, Hakim Unique Internet, a subsidiary of Hakim Unique, announced yesterday.
Hakim Health Technology, another Hakim Unique unit, will also buy 25,130,250 Class B common shares from MacArthur Court Acquisition, making up 38.25 percent of all its issued and outstanding class B common shares.
MacArthur Court Acquisition was formed solely to acquire a 100-percent stake in Golden State Medicare Health Plan, the announcement explained.
The acquisition target provides federal Medicare health plans to members above 65 in nine counties in California and has 9,850 customers in just six of these.
Golden State Medicare Health Plan had USD18 million in assets, USD6.62 million in net assets, and USD11.50 million in debt as of March 31, a report issued by US auditing firm MWD Financial Solutions shows. The company generated operating revenue of USD19 million in the first quarter, with negative profits of USD975,066, per the announcement.
The investment will help the company dock the US Medicare health resources and expand its presence there, the announcement added.
Hakim Unique is an integrated service provider, specializing in household asset management, health care, entertainment and media based on internet and smart city services, information on the company's website shows.
Editor: Benedict Armour