Cordlife shareholder Nanjing Xinjiekou withdraws offer to buy over remaining shares

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Cordlife shareholder Nanjing Xinjiekou withdraws offer to buy over remaining shares - Channel News Asia

Quick Summary:

SINGAPORE: Cordlife controlling shareholder Nanjing Xinjiekou Department Store has decided not to buy over the remaining shares of the troubled private cord blood bank.

This is as Nanjing Xinjiekou concluded that the offer may present risks that are "not aligned" with its investment criteria and business strategy, considering the current circumstances.

The blood bank reported a net loss of S$12.4 million (US$9.5 million) for the six months ended Jun 30, 2024, a reversal of the S$2.2 million net profit for the same period in 2023.