Singapore Medical Group acquires stake in local aesthetics clinic, proposes rights issue

Singapore

CATALIST-LISTED Singapore Medical Group (SMG) is acquiring an 85 per cent stake in Pheniks which operates local aesthetics clinic SW1, with plans to expand the brand across the region.

SMG will pay up up to S$6.5 million, with up to S$3 million paid in cash over three years, while the balance sum will be satisfied through the issuance of some 6.05 million new shares at S$0.578 per share.

Meanwhile, in a separate announcement, SMG said it is planning to undertake a renounceable, non-underwritten rights issue of up to around 23.04 million new shares at an issue price of S$0.48 per rights share, on the basis of one rights share for every 20 existing shares, to raise up to S$11 million. The …