Growth-hungry SMG snaps up clinic for S$7.9m

Singapore

SIX months after moving into the paediatric space, Catalist-listed healthcare provider Singapore Medical Group (SMG) has added a third paediatric clinic - its first hospital-based clinic at Mount Alvernia Hospital - for S$7.9 million, with plans to add a fourth specialist in the first quarter next year.

The group that has eyes on what it describes as "long-term earnings sustainability" on Thursday said the earnings accretive acquisition is to be funded via the issuance of about 6.3 million new shares at S$0.62 apiece. This is based on the volume weighted average price of S$0.6234 as at Oct 16.