SMG planning cash call under new owners

A CHANGE in the ownership of Catalist-listed Singapore Medical Group (SMG) has triggered a series of events, compelling the healthcare provider to raise funds through a rights issue and also appeal to banks over the breach of banking covenants.

The firm's new management says nonetheless that it is "comfortable with the fact that these are loans that would have to be paid back over time".

"The key for us is how to take the business going forward," new chief executive Beng Teck Liang told BT.