New Silkroutes Group to inject $2.17m investment in Healthsciences International

The group plans to expand into healthcare in Asia.

The New Silkroutes Group (NSG) is set to purchase a 51% stake in Singapore-based Healthsciences International (HSI) for $2.17 million as it makes its way into the healthcare sector in Asia.

According to NSG, an independent valuation assessment by Jones Lang LaSalle Corporate Appraisal and Advisory estimates HSI’s market value at $8.5 million. Its book value was $2.1 million as at 31 May 2016.

“The acquisition is deemed an interested party transaction as three of HSI’s eight existing owners are board directors at NSG – executive director and group CEO Goh Jin Hian, executive director Lee Soek Shen and independent director Vivien Chen Chou. It does not, however, require the approval of NSG shareholders as the consideration of $2.17 million is less than 5% of the group’s latest net tangible assets of about $46.55 million,” NSG said.

Through the purchase, the group intends to offer services ranging from primary and preventive care to systems integration and enterprise resource planning for hospitals and clinics.

The acquisition is expected to be completed by 30 November 2016.