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Singapore Medical Group buys paediatric practice for S$7.9m

SINGAPORE Medical Group (SMG) has announced in a filing with the Singapore Exchange it is acquiring Babies and Children Specialist Clinic, a paediatric practice located at Mount Alvernia hospital, for S$7.9 million.

SMG will make an initial payment of S$1.422 million, a second payment of S$1.422 million a year later, with the final payment of S$1.106 million two years later.

The clinic is wholly owned by neonatology specialist Ng Pau Ling Simon, and has an issued and paid-up share capital of S$10 comprising of 10 ordinary shares.

SMG will issue around 6.34 million shares to Dr Ng, at 62.34 Singapore cents per share.

The acquisition will be funded by a combination of the company's internal resources, bank facilities and fund raising in the capital markets. It will boost earnings per share to 1.15 Singapore cents from 0.84 Singapore cent, and profits to S$3.38 million from S$2.43 million, said SMG.

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SMG added that the acquisition will help to grow the group's paediatric practice, and help provide both "synergistic advantages and cross-selling opportunities to the group's existing Obstetrics & Gynaecology practice".

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