Benzinga | Nov 8, 2021 08:32AM EST

BIMI Int'l. Medical Reports Purchase Of Bengbu Mail Maternity Hospital, Will Pay $3/Share In Common Stock

BIMI International Medical Inc. (NASDAQ:BIMI) ("BIMI" or the "Company"), a leading healthcare products and services provider, today announced that it has signed a Memorandum of Understanding (MoU) for the acquisition 100% interest of Bengbu Mali Maternity Hospital through BIMI's common shares at the price of $3.00 per share.

Bengbu Mali Maternity Hospital is a professional obstetrics and gynecology hospital, which provides services to around 30,000 patients per year. The hospital was founded in 2015, with outpatient and inpatient buildings totaling 24 floors. The profit of the hospital was $218,708 (RMB140,0000) in 2019 and predicted to be $937,324 (RMB 600,0000) in 2022.

Bengbu Mali Maternity Hospital's departments include internal medicine, obstetrics and gynecology, pediatrics, emergency medicine, and anesthesiology. Apart from traditional obstetrics and gynecology services, the hospital has personalized health services for women, including pre-pregnancy services, postpartum repair, and infant care. It also has programs in slimming shaping, repairing postpartum scars, and private reproductive health management.

Under the terms of the MoU, BIMI International Medical Inc. is to acquire 100% interest in Mali Maternity Hospital. Currently, BIMI plans to designate an independent third party for auditing and evaluating the hospital. Next, based on the qualified auditing and evaluating results, BIMI and the hospital plan to sign a Stock Purchase Agreement and BIMI would purchase the hospital. Finally, the hospital is to become a wholly-owned subsidiary of BIMI.

"We are delighted that our hospital could join BIMI. We look forward to working with them and bringing our customized high-end maternity technology and services to help more patients," said Ms. Zhenmei Jin, the majority shareholder of Mali Maternity Hospital.

"Mali Maternity Hospital is the first specialist hospital we are acquiring. With its advanced medical technology and equipment, obstetrics and gynecology could be a strength in our online-to-offline hospitals, and more patients could get help. We also plan to organize free online events for patients to communicate with doctors", said Mr. Tiewei Song, Chief Executive Officer and President of BIMI International Medical Inc. "Entering into this MoU with Mali Maternity Hospital is a big step in expanding our online-to-offline network not only in terms of the geographic network but also of medical technology and talents network. After this acquisition closed, we will have six hospitals."