Gentle Care buys block of HMC convertible notes

Singapore

PRIVATE clinic operator Healthway Medical Corporation (HMC) now has two large shareholders, after Gateway Partners sold off S$15 million in face value of its S$60 million convertible notes to Lippo-linked Gentle Care, at about 20 per cent premium.

The purchase consideration was S$18.6 million, based on S$0.042 per share - the same price as its ongoing takeover offer - for each share the notes can be converted into.