Q&M to buy TP Dental for S$28.6 million
HEALTHCARE group Q&M Dental is planning to acquire TP Dental Surgeons for S$28.6 million, it said in an announcement to the Singapore Exchange on Tuesday morning.
It has entered into five separate points of agreements with five doctors for the acquisition. Of the purchase price, S$18 million will be paid in cash while the remaining S$10.6 million will be fulfilled via the issuance of shares in Q&M at an issue price of S$0.70668 per share. This represents a 10 per cent discount to the volume weighted price of trades done on April 24.
Q&M group chief executive Ng Chin Siau said: "The group is always on the look-out for opportunities to work with high quality dental practices. TP Dental is a perfect fit and it has a strong management team at the helm that has delivered consistently excellent results."
Founded in 1973, TP Dental is a multi-disciplinary centre offering a complete range of dental services with dentists on call outside normal office hours. It is located at Ngee Ann City. For FY2013, it earned post-tax net profits of S$1.9 million against a turnover of about S$12.4 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama