Monday, October 19, 2015
ISEC Healthcare, via its subsidiary ISEC Sdn Bhd, has agreed to acquire the entire issued and paid-up share capital of Malaysia-based Southern Specialist Eye Centre Sdn Bhd (SSEC) for MYR37.1 million ($8.79 million).
The consideration is about 12.43 times multiples of the unaudited adjusted and normalised profit after tax of the clinic for financial year 2014 of MYR2.98 million.
ISEC saw the proposed acquisition as an opportunity to expand the group’s eye specialist clinic footprint in Malacca, which serves as an established gateway to health tourists from Southern Sumatra and the Riau Bintang Islands.
“It is also intended to tap into the affluent local market and also Singapore patients who may consider having their procedures to be performed in Malacca which is about three-hours drive away from Singapore,” the Singapore-listed company added in its stock exchange filing.
ISEC also noted that as the principal business of SSEC is in line with the ordinary course of business of the group and there would be no additional borrowings to fund the proposed acquisition, the deal is not expected to have any material change to the group’s risk profile.
SSEC, a private limited company incorporated in Malaysia, operates specialist eye clinics. The resident consultant ophthalmologists of SSEC’s clinic in Malacca are Dr Yeo Kim Chuan, Dr Yang Phei Hua, Dr Wong Yew Meng and Dr Liu Han Seng. Yeo and his wife, Wong and Liu are the vendors of the shares.
dealstreetasia.com
