HC Surgical expands GP network with Medistar Services Pte. Ltd.
31 May 2019
HC Surgical expands GP network with Medistar Services Pte. Ltd
- Onboarding of 3 veteran GPs with more than 40 years of experience in primary healthcare, and a stable pool of patients for referrals
- Expands GP network footprint to central Singapore, within close proximity to prime residential districts and private hospitals
Catalist-listed HC Surgical Specialists Limited (SGX:1B1) (“HCSS”, or collectively with its subsidiaries and associated companies, the “Group” or the “Company”) today announced that it has entered into a Sale and Purchase Agreement (“SPA”) with Dr. Tan Hooi Hwa (“Dr. Tan”), Dr. Pang Heng Mun Roger (“Dr. Pang”) and Dr. Wong Yik Mun (“Dr. Wong”) (collectively the “GPs” or “Vendors”), to acquire a total of 25.0% of the total issued and paid-up share capital of Medistar Services Pte. Ltd. ("Medistar") for a total purchase consideration of S$480,000 (“Purchase Consideration”) (the "Proposed Acquisition"). Dr. Lai Junxu, a general practitioner with the Group, will acquire 5.0% of the total issued and paid-up share capital in Medistar.
The addition of the GPs will strengthen the Group's capabilities and is in line with its plan for growth and expanding its presence in Singapore as HCSS’s team of GPs will increase from five to eight.
Chief Executive Officer of HCSS, Dr. Heah Sieu Min said: “The Proposed Acquisition of Medistar is in line with our strategy of business expansion by acquiring GPs to secure a consistent stream of patients through GP referrals. Dr. Tan, Dr. Pang and Dr. Wong are industry veterans with a stable pool of patients, and we are very excited for them to join our HCSS family. The strategic location of The Ming Clinic, which is in near proximity to Singapore’s prime residential districts and the neighborhood of private hospitals such as Gleneagles and Mount Elizabeth Hospital, will further expand our GP network to the heart of Singapore.”