Q&M Dental to acquire Veritas Dental Clinic for $800,000

Q&M has also advanced a deposit of $125,000 to Veritas.

The board of directors of Q&M Dental Group (Singapore) Limited has announced that the company has entered into a binding memorandum of understanding (MOU) with Veritas Dental Pte. Ltd. and Dr. Sebrina Binti Abdul Malik for the acquisition of Veritas Dental Clinic.

The acquisition is aligned with Q&M's broader strategy of expanding its dental services footprint within Singapore. As part of this, Malik is expected to enter into a service agreement with the group for a minimum term of 10 years, which will include non-compete and non-solicitation clauses. 

The total cash consideration for the acquisition of Veritas Dental Clinic has been agreed at $800,000, based on negotiations between the parties on a willing-buyer, willing-seller basis. In determining the purchase price, Q & M took into account several factors, including market conditions, the clinic's track record, and future growth potential, as well as Malik’s professional expertise.

Q&M has also advanced a deposit of $125,000 to Veritas, which will count towards the final purchase price upon completion of the acquisition. 

In the event that the BPA is not finalised or the conditions for the acquisition are not met, provisions within the MOU address the next steps for the involved parties.