SINGAPORE (Aug 27): ISEC Healthcare, the provider of medical eyecare, has entered into a sale and purchase agreement that when completed, will trigger a mandatory general offer for the remaining shares.

In a Monday evening filing, ISEC Healthcare announced Aier Eye International had agreed to buy about 186.3 million ISEC Healthcare shares for 36 cents each, valuing the deal at $67.1 million in total.

When the transaction is completed, Aier Eye International will own 35% of ISEC Healthcare, triggering the mandatory general offer for the remaing shares at the same price of 36 cents.

The offer price is 5.88% more than the closing price of 34 cents on June 28, the last trading day before a trading halt was called.

Aier Eye International is a direct wholly owned subsidiary of China-incorporated Aier Eye Hospital Group.

Aier Eye International has cited ISEC Healthcare's low historical trading liquidity as a reason for the offer.

In 2Q ended June, ISEC Healthcare reported earnings almost halved to $1.1 million, from $2.2 million a year ago despite revenue being up 1% to $10.5 million.