LIFESCAN Imaging Pte Ltd on Monday entered into an agreement with Pacific Cancer Centre Pte Ltd to acquire the latter's radiology business for S$2.3 million in cash.
It will be funded through Lifescan Imaging's internal resources.
Pacific Cancer Centre operates its radiology business under the sole proprietorship, Pacific Healthcare Imaging (PHI). The centre is a wholly owned subsidiary of Pacific Healthcare Holdings Ltd - a provider of imaging and radiology services.
The announcement came from the board of Singapore Medical Group Limited (SMG).
On July 20, SMG had entered into a joint-venture agreement with six individual investors, including its non-executive chairman Tony Tan Choon Keat and executive director and CEO Beng Teck Liang, to subscribe to shares in Lifescan Imaging.
SMG said pursuant to the agreement, Lifescan Imaging will acquire the business as a going concern together with the related assets and its undertakings, including goodwill, fixed assets, contracts, patients' records and trading stocks.
The employees of the radiology business will be transferred to Lifescan Imaging in accordance with the terms of the agreement.
The transfer of the assets and certain employees is to be effected on Sept 1.