KUALA LUMPUR (Nov 16): Singapore-listed consumer healthcare company Cordlife Group Ltd, which is seeking to privatise StemLife Bhd, has revised its offer price for StemLife shares to 57.5 sen per share from 54 sen.

StemLife, in a bourse filing today, said it has received a supplementary notice from Maybank Investment Bank on behalf of Cordlife.

It said Cordlife has acquired 474,700 shares in the company, representing a 0.192% stake, for RM272,702.95, translating into 57 sen or 57.5 sen per share, which were effected via direct business transactions and open market acquisitions.

After the acquisitions, StemLife said Cordlife will hold 222.95 million shares or a 90.08% stake in the company.

Shareholders of StemLife have 21 days, starting Nov 10, to accept the offer.

Cordlife had earlier said it does not intend to maintain the listing status of StemLife if it gains control of at least 75% of the company.

Hence, the StemLife's share trade will be suspended immediately upon the expiry of five market days from the close of the offer period, according to StemLife.

In a separate filing, StemLife said it is collaborating with Pantai Hospital Kuala Lumpur to establish stem cell banking services for clients and patients of the hospital who have entered into an agreement for the services with the company.

"With the collaboration agreement, it will provide synergistic business partnership with Pantai Hospital Kuala Lumpur. This will also play a role in developing and [creating] public awareness of umbilical cord blood and benefits of storing it," it said.

StemLife's share price closed down three sen or 5.26% at 54 sen today, for a market capitalisation of RM133.65 million.