Amala Foods Plc

("Amala" or the "Company")

Transaction Update

Amala Foods Plc (LON: DISH) is pleased to announce a further update following the Temporary Suspension of its listing on the Standard Segment of the Official List of the Main Market that was first announced on 9 November 2023 and subsequently on 4 January 2024. 

The Company is pleased to update the market that the announced transaction continues to progress.  The Company has made further prospectus submissions to the Financial Conduct Authority (FCA) and anticipates its next submission within the coming weeks once the audited numbers of the target company are available. 

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, which is building dialysis centres in the Philippines where the market for dialysis services is growing substantially every year.  The group continues to grow and has executed agreements to acquire, prior to Admission, of a diagnostic centre, that has a multiyear positive track record.  In addition, the group has formed a new subsidiary, VidaHealth Inc which has funded a new diagnostic clinic where it has a 70% interest and has an Option to build a further 50 diagnostic centres. 

The Directors are targeting that the transaction will be concluded in the summer of 2024 and the Directors will provide further updates to the market in due course. 

Whilst the Directors are confident that a successful transaction will result in a Reverse Takeover, subject to regulatory approval, there can be no guarantee of such.

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