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| Target company has expertise to manage hospitals; runs the largest employee healthcare benefits programme in Southeast Asia |
SINGAPORE, Sept 15, 2016 - (ACN Newswire) - New Silkroutes Group Limited ("NSG" or "the Group") will acquire a 51% stake in Singapore-based Healthsciences International Pte Ltd ("HSI") in a move marking its foray into the healthcare sector in Asia, where it intends to offer services ranging from primary and preventive care to systems integration and enterprise resource planning for hospitals and clinics.
Incorporated in 1994, HSI has a healthcare practice group with expertise to design, develop and run hospitals. The practice group also offers primary and preventive healthcare through its three clinics in Singapore.
The clinics offer complementary integrative therapies based on Western medical standards of healthcare, serving patients from Southeast Asia, China and even the United States. The clinics focus on immunology and oncology, pain management (acupuncture and acupressure), subfertility, geriatrics, and chronic disease management.
Mission-critical software solutions
HSI also has a wholly owned subsidiary, Silk Systems Pte Ltd, that provides mission-critical software solutions to help hospitals and healthcare companies work better. These can be for standalone functions such as medical records management and inventory procurement, or a comprehensive information system that integrates all front- and back-end activities, including patient registration, scheduling of appointments for doctors and patients, billing and insurance payments.
For healthcare providers operating in multiple locations or geographical markets, HSI can fully integrate all their front- and back-end functions across their various points of presence. More than 10 medical centres in China - located in Beijing, Shanghai, Suzhou and Chengdu - are using HSI's software solutions, which also link them to major insurance companies.
HSI's enterprise software operations in China are overseen by a team based in Shanghai. In Singapore, more than 40 health- and beauty-care chain stores are running on HSI's solutions. With the acquisition of HSI, NSG will offer these solutions to healthcare providers in other Asian markets, including Hong Kong, Indonesia and Malaysia.
Healthcare benefits programme
HSI also runs the largest employee healthcare benefits programme in Southeast Asia, under its Life!Club brand. Beneficiaries can get privileges and discounts at more than 30 healthcare, wellness and lifestyle chains in Singapore. HSI manages the Life!Club programme for three Singapore-listed healthcare companies.
Life!Club's membership base is expected to increase to more than 20,000 over the next 12 months from about 12,800 currently. Following the acquisition, NSG will develop a digital wallet for Life!Club users to pay for purchases at HSI's participating chains.
Terms of acquisition
NSG will pay approximately S$2.17 million in cash for 51% of HSI. According to an independent valuation assessment by Jones Lang LaSalle Corporate Appraisal and Advisory Limited, HSI's market value is S$8.5 million. Its book value was S$2.1 million as at 31 May 2016. The acquisition is expected to be completed by 30 November 2016.
The acquisition is deemed an interested party transaction as three of HSI's eight existing owners are board directors at NSG - Executive Director and Group CEO Goh Jin Hian, Executive Director Lee Soek Shen and Independent Director Vivien Chen Chou. It does not, however, require the approval of NSG shareholders as the consideration of S$2.17 million is less than 5% of the Group's latest net tangible assets of about US$34.25 million (approximately S$46.55 million).
"This acquisition will open a myriad of opportunities for NSG in the Asian healthcare space, which will be another engine of growth for the Group," said Mr Ho Sheng, Lead Independent and Non-Executive Director at NSG. "We will leverage on the healthcare expertise of some of our senior management executives to drive NSG's healthcare business. HSI will also complement our healthcare investment team in New Silkroutes Capital."
Based in Singapore and wholly owned by NSG, New Silkroutes Capital Pte Ltd offers investment management and strategic advisory services to institutions, enterprises and high-net-worth individuals looking for professionally managed investment products or companies with the intention to go public.
NSG exited the SGX Watchlist in November 2014 and is morphing into an investment holding company with businesses in investment management, energy and resources, healthcare, and infocomm technology with a focus on security and governance. The Group currently gets most of its revenue from oil and gas trading. Its annual general meeting for the financial year ended 30 June 2016 will be held next month.
About New Silkroutes Group Limited
New Silkroutes Group (Bloomberg: NSG SP) is a Singapore-incorporated company (established on 25 Jan 1994) listed on the Mainboard of Singapore Exchange Securities Trading Ltd (SGX). It is evolving into an investment holding company with core competencies in Capabilities Enablement, Capital Allocation, and (Policy) Analysis. The group, through its subsidiaries and associate companies, has exposure to key sector verticals, including Energy/Resources, Healthcare, and Infocomm Technology with a focus on Security & Governance. www.newsilkroutes.org
For enquiries, please contact:
New Silkroutes Group Limited
Email: ipr@newsilkroutes.org
WeR1Consultants Pte Ltd
3 Phillip Street, #12-01, Royal Group Building
Singapore 048693
Tel: +65 6737 4844
Frankie Ho - frankieho@wer1.net
Topic: Press release summary
Source: New Silkroutes Group Limited
Sectors: Daily Finance, Cloud & Enterprise, Daily News, Healthcare & Pharm
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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