6pm Holdings plc - Investment in emCare360 Ltd

On 13 June, 6pm Holdings plc announced that it has subscribed to 25% of the issued share capital in a newly incorporated company, emCare360 Limited. The latter is to engage in innovative strategies for health care delivery and primarily to develop, implement and deliver electronic and mobile tele-health, tele-care and health care information services to private and public entities and individuals both in Malta and overseas. The other shareholder in emCare360 Limited is Care Malta Group Limited which forms part of Vassallo Builders Group Limited which has recently acquired 18.6% of 6pm Holdings plc (equivalent to 3,400,000 shares) through the Rights Issue undertaken in April 2011. Care Malta Group is one of Malta’s leading specialists in the care of the elderly.

The transaction will be funded through the proceeds generated from the Rights Issue held earlier this year. However, the announcement fails to quantify the amount invested.