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CATALIST-LISTED China Medical (International) Group said on Friday that it has signed an agreement to acquire a majority stake in The Sloane Clinic, an aesthetic and plastic surgery chain in Singapore and Malaysia, for S$9.5 million.
CMIG will acquire 51 per cent of the entire issued share capital of medical services companies Eastlife and Maxglobe, which own six clinics operating under The Sloane Clinic brand, from Asia Pacific Medical Group, a medical group that provides a range of primary care and specialty services.
CMIG will purchase 40,800 ordinary shares in Eastlife and 81,600 ordinary shares in Maxglobe for S$9.5 million. The payment comprises S$6.5 million in cash and S$3.0 million in shares.
This is the first acquisition for CMIG, which was renamed from Albedo following a revamp of its business strategy from metal trading to medical aesthetics in late 2015. CMIG said it will give the group a major presence in the Singapore and Malaysia aesthetics market.