Q&M Dental disposed of 51% interest in EM2AI in March 2024, resulting in a decrease in equity interest from 100% to 49%

EM2AI, a 49% associated company of Mainboard-listed Q&M Dental, has received medical device licences from the relevant authorities in Thailand, Vietnam, Indonesia and the Philippines. 

According to a Jan 13 bourse filing, EM2AI currently sells and distributes its artificial intelligence (AI) solutions in Singapore and Malaysia. Founded in 2018 and headquartered in Singapore, EM2AI has developed healthcare software for the dental industry, which it claims can serve as a “second opinion to increase diagnosis accuracy”. 

EM2AI has received a Category 2 Medical Device Licence from the Food and Drug Administration (FDA) of Thailand; a Class B Medical Device Licence from the Food and Drug Administration (FDA) of the Philippines; a Class B Medical Device Licence from the Department of Medical Equipment and Construction (DMEC) of Vietnam; and a Class C Medical Device Licence from the Ministry of Health of Indonesia.

With the licences, EM2AI will now be able to sell and distribute its dental AI solutions in more jurisdictions, says Q&M Dental. “The company understands that EM2AI is actively seeking distributors and potential customers in these jurisdictions as part of its efforts to expand the business.”

Q&M Dental disposed of 51% interest in EM2AI in March 2024, resulting in a decrease in equity interest from 100% to 49%. Hence, Q&M Dental reported in August net other gains of $1.8 million for 1HFY2024 ended June 30, partly from the gain on disposal of EM2AI, as well as compensation from ex-vendors in other operations. 

Shares in Q&M Dental opened flat at 28.5 cents on Jan 13. The company’s shares have risen 9.6% over the past year.