PHC HOLDINGS CORPORATION COMPLETES ACQUISITION OF ADDITIONAL SCIMED SHARES

KUALA LUMPUR, July 7 -- PHC Holdings Corporation (PHCHD) has completed acquisition of an additional 55.01 per cent shares in SciMed (Asia) Pte Ltd (SciMed).

Located in Singapore, SciMed is a major distributor of PHC Group’s life sciences products across Southeast Asia and India. The company markets and distributes life sciences products and provides services throughout the region.

The purchase agreement with SciMed increases PHCHD’s stake in the company from 14.99 per cent to 70 per cent. SciMed will now operate as a consolidated subsidiary of PHCHD, as part of the Life Sciences/Diagnostics Domain.

The agreement is part of PHC Group’s focus on company growth, by strengthening existing businesses and identifying ways to add complementary products and services to the group.

It follows the completed acquisitions of the anatomical pathology business (operating as Epredia) from Thermo Fisher Scientific Inc in June 2019, and LSI Medience Corporation from Life Science Institute Inc in August 2019, which have strengthened its diagnostics and healthcare services businesses, respectively.

The majority investment in SciMed to create a consolidated subsidiary of PHCHD allows PHC Group to take greater advantage of SciMed’s established customer base and services in the region.

This will provide additional market opportunities and increase penetration into countries such as India, which can further strengthen the life sciences business. It will also allow other PHC Group businesses to utilise SciMed’s distribution network to reach customers in the region.

More details at www.phchd.com.

-- BERNAMA