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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.