HO WAH GENTING Berhad (KLSE: 9601) announced that E-MO Biotech Holding Inc – the holding company of E-MO Biology Inc (EBI) – and its shareholders had entered into a letter of intent with Fuse Biotech Inc – a wholly-owned subsidiary of Fuse Group Holding Inc (OTCQB: FUST) – for the acquisition of all equity interest of E-MO Biotech for a total purchase price of US$100mil to be paid in the shares of common stock of Fuse Group, which should be valued at US$1 per share for the purpose of this transaction.
Fuse Group Holding is an OTC market listed company that is currently seeking business opportunities in the biotech area through its wholly-owned subsidiary Fuse Biotech.
On Feb 4,2021, Ho Wah Genting Berhad’s wholly-owned subsidiary HWGB Biotech Sdn Bhd entered into a third supplemental joint venture agreement with EBI.
Based on the supplemental joint venture agreement, EBI shall consummate a business combination with a company listed on the OTC Market prior to Aug 1,2021. Upon the acquisition, EBI intends to further list its shares on the Nasdaq stock market.
“We are delighted to have Fuse Group Holding joining us in vaccine research and development, as we believe they will provide a massive boost to EBI’s ventures, ” said Ho Wah Genting Berhad chief executive officer Datuk Aaron Lim.
“Through this business combination with Fuse Group Holding, we are moving in the right direction towards EBI’s intention to list its shares on Nasdaq.”
Ho Wah Genting Berhad is principally engaged in investment holdings and the provision of management services to its subsidiaries.
On June 30,2020, the company diversified its existing businesses into the healthcare-related industry, being involved mainly in health supplement, biotechnology and health technology.
In addition, the company and its subsidiaries are also engaging in the businesses of:
• Investment holdings.
• Manufacturing of wires and cables and moulded power supply cord sets and cable assemblies for electrical and electronic devices and equipment.
• Trading of wires and cables.
• Travel agency and tour related services.
Fuse Group Holding Inc is incorporated in Nevada, US, and currently it explores opportunities in mining investment and consulting services.
Fuse Biotech Inc, a wholly owned subsidiary of Fuse Group Holding, is currently seeking business opportunities in the biotech area.
E-Mo Biology Inc (EBI) was incorporated in California on May 24,2020. It is principally involved in conducting biology research and development activities and is the sponsor of a study which indicates booster polio vaccine to reduce Covid-19 SARS-COV-2 infection and severity.
EBI is founded by Dr Xie QiYi, who serves as its managing director. He has over 30 years of experience in areas of public health and infection disease control. He was also involved in the development of medical and diagnostic devices, with focus on quality, regulatory and clinical affairs for quality systems.
