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Asian Healthcare Specialists finishes buying Cornerstone Asia Health stake
CATALIST-LISTED Asian Healthcare Specialists (AHS) has completed the acquisition of a 51 per cent stake in Cornerstone Asia Health (CAH), it said on Wednesday.
The acquisition was paid for with the issuance of 104 million new shares in AHS at S$0.26 apiece, and S$5 million in cash from the proceeds of AHS's initial public offering in April 2018.
The newly issued shares make up 24.2 per cent of the enlarged share capital of AHS and they have been issued to the CAH vendors, including medical specialists and doctors.
With the CAH acquisition, AHS now comprises an experienced group of 13 medical specialists and doctors with capabilities across anaesthesia, dermatology, gastroenterology, ophthalmology, orthopaedics, urology and family medicine services. AHS also has a physiotherapy arm to support its core medical operations.
The six medical specialists and doctors in CAH bring with them an average of more than 20 years of experience in both public- and private-sector healthcare, AHS said.
AHS executive director Chin Pak Lin said: "The ageing population and the increase of chronic diseases have resulted in clinical care becoming more complex and specialised. Increasingly, this requires the delivery of healthcare services through a team of cross-disciplinary medical specialists. As teamwork is a cornerstone of delivering the best in patient care, the addition of new specialities and family medicine to AHS will only serve to strengthen our capabilities. We are excited to be working alongside our new colleagues in the next phase of our growth."
AHS shares closed up 0.3 cent or 1.57 per cent to S$0.194 on Wednesday.