Q & M Dental uses private placement proceeds instead on clinic expansion

After Singapore Medical Group acquisition fizzled.

The Board of Directors of Q & M Dental Group (Singapore) Limited wishes to provide an update on the use of the proceeds of approximately S$16.78 million raised from the company’s private placement of shares on 17th January 2013.

As at 21st February 2014, the company has utilized approximately S$6.35 million of the proceeds raised from the private placement to its clinics' expansion and working capital in Singapore, as well as investment and working capital in Malaysia and China.

So far, the company has spent S$3.15 million on clinics expansion and working capital in Singapore, S$2.68 million for investment and working capital in China, and S$0.52 million for investment and working capital in Malaysia.

The original purpose of the proceeds was for the acquisition of the Singapore Medical Group Ltd. However the acquisition was terminated on 9 May 2013. As such, the proceeds shall now be utilized for expansion of dental and medical business of the Group in Singapore and overseas and for working capital.