SINGAPORE (Feb 14): Singapore eDevelopment says wholly-owned subsidiary in Singapore, Health Wealth Happiness, formerly known as SeD Global Investment, has acquired a 53% stake in iGalen International Inc for a total consideration of US$53.

iGalen International has a wholly owned subsidiary, iGalen USA LLC. iGalen International and iGalen USA were acquired to conduct the business of distributing health supplements through network marketing.

iGalen International’s remaining 47% share is held by Dr Rajen Manicka, a Malaysian who has long experience in the wellness and holistic health sector.

Both iGalen International and iGalen USA have not started business operations as at the date of the acquisition.

Following the approval from shareholders at the EGM held on Jan 24 in relation to the diversification of the group’s business into the biomedical business, iGalen International and iGalen USA were acquired to conduct network marketing activities globally, starting initially with the North American and Asian markets.

Dr Rajen is the Chairman and Chief Executive Officer of Holista CollTech, a research-driven biotech company listed on the Australian Securities Exchange.

As at the date of this announcement, no definitive joint venture or collaboration agreements have been entered into in relation to the acquisition.

iGalen International and iGalen USA intend to source health supplements through various channels including Holista.

As disclosed in the company’s announcement on Nov 18, 2016, Singapore eDevelopment ’s Executive Director and CEO Chan Heng Fai is also a non-executive director of Holista and holds 19.11% of the shares in the capital of Holista and a further 15.83 million warrants, each carrying the right to subscribe for one new share in the capital of Holista.

Shares of Singapore eDevelopment closed 1 Singapore cent higher at 6 Singapore cents.