HC Surgical dips into IPO proceeds to buy endoscopy practice

Singapore

MEDICAL services group HC Surgical Specialists said after Monday's trading close that it has reallocated about S$800,000 of its initial public offering net proceeds mainly to acquire a 51 per cent equity stake in Jason Lim Endoscopy and Surgery Pte Ltd (JLES).

On Monday, the listed group entered into a sale-and-purchase agreement for the equity stake in JLES for S$832,000. Post-acquisition, the sole proprietor behind the acquisition target, Jason Lim Wei-Min, will join HC Surgical as a specialist surgeon and will oversee JLES.