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Singapore Medical Group: Increases Its Investment In Vietnam As It Positions For Its Next Phase Of Overseas Growth.

20 Aug 2021 09:23

SMG to fully acquire the 50% stake it does not own in its joint venture SMG International (Vietnam) Pte. Ltd. for an aggregate consideration of S$3.04 million. Upon completion, SMG will effectively increase its equity interest in CityClinic Asia Investments, the entity which operates three medical centres in Ho Chi Minh City to 42%. Following the investment, SMG intends to aggressively scale operations and expand its footprint in Vietnam to capture opportunities for growth amid rising private healthcare demand. SMG's increasing involvement in Vietnam will allow the Group to gain better access and control over Vietnamese medical tourists seeking treatment in Singapore. Increasing SMG's stake may potentially improve future earnings as CCAI expanded its number of medical centres from one to three while revenue grew more than 12 times from financial years 2016 to 2020...

Attachments:

• SMG_Proposed_Acquisition_Press_Release.pdf

Source: ShareInvestor Express