The board of directors of Singapore's Cordlife Group Limited announced that the firm has increased its stake in Malaysia's StemLife on December 6, according to the Singapore Business Review.

Cordlife purchased an additional 29,440,880 ordinary shares from different shareholders at par value MYR0.10 apiece. This represented around 11.89% of StemLife's issued and paid-up share capital, the report said.

After the additional acquisition, the initial vendors no longer own any shares in StemLife. Under the terms of the deal, Cordlife will also own an aggregate of 78,742,880 shares. This number represents approximately 31.81% of StemLife shares, the report explained.

The report said the additional acquisition has an aggregate consideration of around MYR17,664,528 (SGD7,004,000). This was based on the agreed price of MYR0.60 per share. This is also the same agreed price per share for the initial purchase. The consideration was decided on after a negotiation process, the report stated.

StemLife has an aggregate net tangible asset value of approximately MYR33.17 million, Singapore Business Review said in its report.