Singapore Paincare to acquire Medihealth Bishan Clinic

The acquisition has a total consideration of $585,000.

Catalist-listed paincare medical services group Singapore Paincare Holdings (SPCH) has entered into a conditional sale and purchase agreement to acquire Medihealth Bishan Clinic for a total consideration of $585,000.

The agreement was made between SPCH, its 60%-owned subsidiary Medihealth Clinic (MHC), and Healthgivers.

SPCH said the consideration, which was arrived at on a willing-buyer, willing-seller basis, takes into account the historical revenue and historical net profit generated by the clinic operations, including its prospects and aggregate book value of the acquired assets.

Dr. Xavier Chia Wai Tuck, who holds the remaining 40% share of MHC, will be responsible for the day-to-day operations and management of MHC upon the completion of the proposed acquisition. He will continue to provide locum services to the clinic as required.

Since its listing in July 2020, SPCH has initiated a series of corporate actions to strengthen its value proposition.