Fitters swaps fire safety arm for 19.99% stake in Nasdaq biotech firm
FITTERS Diversified Bhd has entered into an exchange agreement with Nasdaq-listed Cyclacel Pharmaceuticals Inc for the disposal of its wholly-owned subsidiary, Fitters Sdn Bhd (FSB), in return for a 19.99% stake in the US-based biopharmaceutical company.
Under the terms of the deal, FSB, along with its subsidiaries — including dormant renewable energy and fire safety units — will become part of Cyclacel.
These subsidiaries include AHT NRG Asia Sdn Bhd, Fitters (Sarawak) Sdn Bhd, and Modular Floor Systems (M) Sdn Bhd.
Once the transaction is completed, these companies will no longer be part of Fitters Group and will instead become wholly-owned subsidiaries of Cyclacel.
The transaction, which is subject to shareholder and regulatory approvals, is expected to be finalised by the third quarter of 2025.
Cyclacel, known for its clinical-stage biopharmaceutical focus on developing targeted therapies for cancer and other proliferative diseases, will diversify its operations with the acquisition of FSB, marking its entry into the industrial safety and infrastructure sector.
As part of the agreement, Cyclacel will be rebranded as Bio Green Med Solution, Inc and will continue to trade on the Nasdaq under a new ticker symbol.
Fitters will hold a 19.99% stake in the rebranded entity, but none of Fitters' current directors or officers will assume management roles in Cyclacel after the transaction is completed.
This deal aligns with FittersS' strategy to unlock shareholder value and redirect capital into higher-growth, sustainable sectors. — TMR
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