Hot stock: OUE Lippo Healthcare up 5.3% on new healthcare partnership
Add BT as a preferred source
Tan Nai Lun
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SHARES of OUE Lippo Healthcare closed higher on Tuesday (May 24), after the healthcare group said it will form new partnerships to add to its healthcare network.
The counter gained as much as 18.4 per cent or S$0.007 to trade at S$0.045 as at 9.04 am, before closing 5.3 per cent or S$0.002 higher at S$0.04 on Tuesday.
No married deals were recorded, according to ShareInvestor data.
As at 9.43 am, its shares have eased slightly to trade at S$0.041, up 7.9 per cent or S$0.003. Some 12.3 million shares worth S$540,000 changed hands.
On Monday, OUE Lippo Healthcare said Echo Healthcare Management, its joint venture with OUE, has formed a partnership called Echo Healthcare Services with 3 medical specialist groups.
The 3 partners include Respiratory Medical Associates (RMA) and The Respiratory Practice (TRP), which provide treatment for lung, sleep and allergy disorders, and Thoracic & Cardiovascular Surgery Specialists (TCSS), which provides cardiac and thoracic surgery.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
Echo Healthcare Management will hold a 60 per cent stake in the new joint venture, while the founders of the medical specialists groups will hold the remaining 40 per cent stake collectively.
Echo Healthcare Services will also hold a 60 per cent stake in each of the medical specialists groups.
The total aggregate purchase price for all 3 specialist medical groups is S$31 million, comprising S$6.5 million for RMA’s shares, S$8.3 million for TRP’s shares and S$16.2 million for TCSS’ shares, and payable with a mix of shares and cash.
The board of directors expects the company to tap on the medical specialists to elevate the overall healthcare standards and quality of OUE’s regional healthcare network. The medical partners will also be integrated into the healthcare network while retaining their clinical independence in their own practices.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
