Accrelist to acquire Refresh Laser Clinics for S$4m

ACCRELIST said on Tuesday that it is expanding into aesthetic medical services through the acquisition of Refresh Laser Clinics for S$4 million.

Accrelist, formerly known as WE Holdings, has signed sales and purchase agreements to acquire a 100 per cent stake in Refresh Laser Clinics.

Accrelist will pay S$2 million in cash. The remaining S$2 million will be paid by way of an issuance of 250 million new shares at 0.8 Singapore cent per share.

The new shares will represent about 4.71 per cent of Accrelist's existing share capital, and 4.5 per cent of the enlarged share capital.

Refresh Laser Clinics comprises a chain of four aesthetic medical clinics in Singapore that use the latest technologies and treatment products to address challenges of Asian skin conditions and the demand for anti-ageing skincare, Accrelist said.

Two of the clinics were profitable while the other two were loss-making over the last year, according to Refresh Laser Clinics' latest management accounts.

The diversification into the medical services sector is subject to shareholders' approval, as well as the fulfilment of other conditions precedent.

Shareholder approval is also needed for the issuance of the new shares.

Accrelist shares closed unchanged at 0.6 Singapore cent on Tuesday before the announcement was made.