SINGAPORE Medical Group (SMG) is acquiring an 85 per cent stake in local aesthetics clinic SW1 for up to S$6.5 million.

The amount will be funded through the issuance of some 6.05 million new shares at S$0.578 per share and up to S$3 million in cash over three years.

Located in Paragon Medical Centre, SW1 was set up by the founders of The Sloane Clinic, Low Chai Ling and Kenneth Lee, in December last year . The 7,000 square foot centre, which has a team of five medical aesthetics practitioners and one plastic surgeon, broke even within the first two months of operations, SMG said.

SMG's chief executive officer Beng Teck Liang said: "Our immediate next steps would be to scale the business, starting with countries such as Vietnam and Indonesia where we already have a footprint. We also have plans to penetrate new geographies such as Malaysia, which will serve as another gateway for regional expansion."