Last checked at 4 Jan 2024 07:00
Amala Foods Plc
("Amala" or the "Company")
Result of Annual General Meeting
Amala Foods Plc (LON: DISH) is pleased to announce that all Resolutions were duly passed at the Annual General Meeting held on 29 December 2023.
The Company is pleased to update the market that the transaction that was announced on 9 November 2023 and 1 December 2023 (Proposed Reverse Takeover) continues to progress. As previously announced the target company is a newly formed healthcare group, Healthcare Medical Plus Pte Ltd with a Philippine subsidiary, Dialysis Care Plus Inc, that is building dialysis centres in the Philippines where the market for dialysis services is growing substantially every year.
Chronic Kidney Disease (CKD) is a leading cause of death globally and causes more deaths than breast cancer or prostate cancer. It is the under-recognized public health crisis. In the Philippines the market for dialysis services has been growing exponentially. The government owned and controlled corporation, Philippine Health Insurance Corporation (PhilHealth), announced in 2023 the expansion of its coverage of hemodialysis to 156 hemodialysis sessions per year.
The team has an excellent track record with internationally known healthcare groups in the USA as well as locally in the Philippines.
Whilst the Directors are confident that the Proposed Reverse Takeover will be concluded prior to the end of the first quarter of 2024, there remain a number of regulatory consents that are normal for a transaction of this type that need to be obtained prior to the Proposed Reverse Takeover being concluded. Therefore, there can be no guarantee that the Proposed Reverse Takeover will be concluded, but the Company's shares will remain suspended while the transaction is ongoing.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman
jmk@bluebirdmv.com