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Real estate firm Rowsley has agreed to acquire 100 percent of Sasteria Pte Ltd, the owner of Thomson Medical and controlling shareholder of TMC Life Sciences Berhad (TMCLS).
The agreement will see Rowsley acquiring a 100 percent stake in Thomson Medical as well as a 70.36 percent stake in Bursa Malaysia-listed TMCLS for S$1.6 billion.
The purchase price will be satisfied via 21.3 billion new Rowsley shares at the issue price of S$0.075 per share, said the company in a release. Rowsley will also acquire 597.3 million TMCLS warrants in cash.
“Post-acquisition, Rowsley will be one of the largest SGX-listed healthcare players. Both Thomson Medical and TMCLS are well-positioned in their respective markets and the purchase of Sasteria gives us an opportunity to participate in a fast-growing sector. The changing demographics in Southeast Asia suggest that private healthcare is poised for a sharp acceleration in growth,” said Rowsley chairman Ng Ser Miang.
In a release, Rowsley noted that Thomson Medical eyes to grow beyond its present “core obstetrics and gynaecology services into an integrated country-wide healthcare network by expanding its current service offerings and opening more new specialist clinics”.
TMCLS, on the other hand, plans to make tertiary hospital Tropicana Medical Centre one of the biggest integrated healthcare campuses within the Klang Valley by tripling its bed capacity. The hospital will have a maximum capacity of 600 beds once the new expansion wing is completed.
Aside from this, TMCLS also plans to expand in Johor Bahru via the proposed Thomson Iskandar Medical Hub.
Just five minutes’ drive from the Causeway, the integrated development will feature a 400-suite medical tower, a 500-bed tertiary hospital and a complementary retail space.
“The tertiary hospital, Hospital Iskandariah, will be equipped with state-of-the-art facilities and equipment, and will have seven Centres of Excellence in cardiology, diabetes, fertility, gastroenterology, oncology, orthopaedics and urology,” said Rowsley.
This article was edited by Keshia Faculin.
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