Aim is to create platform for Healthway's growth: Gateway

Singapore

GATEWAY Partners, a private equity fund which threw a S$70 million lifeline to embattled Healthway Medical Corp (HMC), said its aim is to solve immediate funding issues, stabilise the company and create a platform for future growth of the company.

Its spokesman told The Business Times: "Gateway is a growth-focused fund. It makes little sense simply to inject money to clear the old problems and then have no capital to grow. If we come in, we want to do it properly with sufficient capital and controls. Our intention is to stabilise the ship and then grow it organically or inorganically for the benefit of all shareholders."

Gateway had offered to lend money to the private clinic operator HMC, which is embroiled in a loans saga, by way of convertible notes inked on Jan 16, 2017. In the subscription agreement, HMC would issue S$10 million in convertible notes, with a conversion price of S$0.03384 …