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ISEC Healthcare takes 25% stake in Singapore medical aesthetics clinic for S$250,000
CATALIST-LISTED ISEC Healthcare has invested S$250,000 for a 25 per cent stake in I Medical & Aesthetics Pte Ltd, it said on Monday.
The deal, through wholly owned subsidiary JL Medical (Bukit Batok), was funded out of ISEC's initial public offering proceeds and leaves the company with S$1.27 million in that kitty.
The share subscription is not expected to have any material impact on the consolidated net tangible assets and earnings per share for the year to Dec 31, the group added.
ISEC said that the investment "offers the group new business opportunities in the field of general medical consultations and aesthetics services in Singapore".
"In addition to diversifying the revenue stream, the investment also offers the possibility of synergistic partnerships and cross-selling with the group’s existing business of specialist medical eye care services."
The deal was reached with I Medical & Aesthetics's other shareholders - Lee Wee Chieh, brother-in-law of ISEC executive vice-chairman Lee Hung Ming; David Loh Kwok Thye; and Cindy Yang - with the investment amount determined on a willing buyer, willing seller basis.
That sum took into account the projected start-up costs and working capital requirements of I Medical & Aesthetics, according to the announcement. I Medical & Aesthetics, which has one clinic, had a net liability value of S$284,369 as at June 30, based on unaudited management accounts.
ISEC closed flat at S$0.30, before the announcement.