LYC Healthcare Berhad via its indirect wholly-owned subsidiary LYC Medicare (Singapore) Pte Ltd has entered into a conditional share purchase agreement to purchase the remaining 49% of the equity in T&T Medical Group from Dr Ting Choon Meng for SGD8.1 million (equivalent to RM24.95 million)
According to Bursa filing, LYC says the proposed acquisition represents a price-to-earnings multiple of 12.72 times of forward earnings based on the 3-year average annual profit guarantee of SGD1.3 million for the 3 financial years ending 2022.
At the same time the group had also seemed to acquire the remaining equity in another medical outfit, HC Orthopaedic Surgery Pte Ltd at a purchase consideration of SGD9.163 million (equivalent to RM28.22 million).
These activities are part of LYC SG on its plans to list its healthcare business on the Catalist Board of the Singapore Exchange Securities Trading Limited. The group has appointed ZICO Capital Pte. Ltd. as the Full Sponsor for the proposed Listing.
T&T is principally involved in the provision of clinics and other general medical services, as well as specialised medical services. T&T operates a one-stop chronic disease center focusing on chronic degenerative joint diseases and spine, pain management, and metabolic diseases like Diabetes Mellitus, hypertension and high cholesterol. T&T also provides general medical care under its family health clinic arm.
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 operates 2 medical centres at leased hospital premises located at Mount Elizabeth and Parkway East, Singapore. HCOS primarily serves patients requiring various orthopaedic specialist treatments, including surgeries.