RafflesMedical acquires majority stake in a Vietnam hospital

The deal is subjected to the fulfilment of certain conditions and regulatory approvals.

Raffles Medical Group (RMG) announces a strategic partnership with My My Trading Services Company Ltd (MyMy) to acquire a majority interest in the US$45.6m ($62.7m) American International Hospital (AIH) in Ho Chi Minh City, Vietnam.

As part of the agreement, RMG will also enter into a management service agreement to manage the AIH operations.

The AIH is a 120-bed tertiary hospital with five operating theatres offering a full range of specialists and essential diagnostics capabilities. The hospital was completed in 2018 and currently has about 500 staff, including 60 doctors. 

This arrangement will enable RMG to penetrate the growing demand for private healthcare services in Vietnam and augment clinic operations there. It is also part of the Group’s long-term strategy to further diversify its hospital operations beyond Singapore and China.

US$1 = $1.37