LYC HEALTHCARE ACQUIRES 51 PER CENT STAKE IN SINGAPORE'S MEDICAL CENTRE
KUALA LUMPUR, May 28 -- LYC Healthcare Bhd's wholly-owned subsidiary, LYC Medicare Sdn Bhd, has proposed to acquire a 51 per cent stake in HC Orthopaedic Surgery Pte Ltd (HCOS) from Chan Ying Ho and Beyond Wellness Group Pte Ltd for RM21.29 million.
In a filing with Bursa Malaysia, LYC Healthcare said upon completion of the exercise, expected by the fourth quarter of 2020, HCOS would become a 51 per cent-owned subsidiary of LYC Healthcare.
HCOS is principally involved in the provision of clinics and other general medical services, as well as specialised medical services, including day surgical centres.
HCOS, which leases and operates one medical centre located in Singapore, primarily serves patients requiring various orthopaedic specialist treatments, including surgeries.
On rationale, LYC Healthcare said at present, its healthcare operations are predominantly based in Malaysia and the acquisition would provide the group with an opportunity to expand its geographical reach outside of Malaysia and inroads into the healthcare sector in the republic.
"This would enable the group to attain a wider market presence and marketability of its range of healthcare services which can be offered to both local and international customers.
"The proposed acquisition comes with the profit guarantee of about RM15.66 million on cumulative basis to the group over three financial years up to the financial year ending March 31, 2024," it added.
-- BERNAMA
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