Clearbridge Health to acquire 65% stake in medical centre in Manila

Clearbridge Health to acquire 65% stake in medical centre in Manila

Stanislaus Jude Chan
04/01/18, 07:03 pm

SINGAPORE (Jan 4): Clearbridge Health’s wholly-owned subsidiary, Clearbridge Health (Philippines), has entered into a conditional share purchase agreement to acquire 65% of the common shares in the issued share capital of Marzan Health Care Inc for 69.6 million Philippine pesos ($1.9 million).

The target company operates a medical centre offering a wide range of services including pathology services, imaging diagnostics, dental care, as well as dialysis and renal care in Manila, Philippines.

Following the completion of the proposed acquisition, Clearbridge says it also intends to enter into a subscription agreement to subscribe to cumulative, non-voting, redeemable preferred shares in Marzan at 1.00 peso per share, for a total subscription price of 25 million pesos.

Subject to approval of the Philippines Securities Exchange Commission, the proposed subscription will see Clearbridge holding 100% of the preferred shares in Marzan.

The proposed transactions will be funded via proceeds from Clearbridge’s initial public offering (IPO) and bank borrowings.

Clearbridge says the proposed transactions will provide the group with a platform to expand its business in the Philippines.

Marzan also holds the required licences to provide a wide range of medical services in the Philippines, which would allow Clearbridge to accelerate its expansion in the country.

In addition, the group says it expects to be able to leverage on Marzan’s existing distribution network to deliver the group's precision medicine products and services.

Clearbridge earlier disclosed it had entered into a term sheet for the potential acquisition in the offer document for its IPO in December.

See: Clearbridge Health to list on Catalist; seeking to raise $24.6 million

“The Philippines remains a vastly untapped market for the provision of precision medical healthcare services. We see huge potential for Clearbridge to establish a strong foothold in the precision medicine space on the back of rising affluence amongst a significant segment of the populace,” says Jeremy Yee, executive director and chief executive officer of Clearbridge.

Shares of Clearbridge closed 1.5 cents higher, or up 3.8%, at 41 cents on Thursday.

DBS kept at 'buy' with still more upside expected ahead: RHB

SINGAPORE (Jan 21): RHB Research is maintaining its “buy” call on DBS Group Holdings with an unchanged target price of $29.80. This comes on the back of expectations of still more upside ahead, led by widening net interest margin (NIM). Analyst Leng Seng Choon notes that the 3-month SIBOR has been on a rising trend. It currently stands at 1.89%, after hitting an average of 1.73% in 4Q18 – some 0.1 percentage point higher than the preceding quarter. While he explains that there is some lag effect from the SIBOR rise to filter through to NIM widening, Leng believes DBS’ 4Q18 NIM....

Temasek ramps up pressure over Standard Chartered turnround: FT

SINGAPORE (Jan 21): Standard Chartered’s largest investor Temasek has grown frustrated with the slow pace of chief executive Bill Winters’ turnround, according to a report by The Financial Times of UK, and is stepping up pressure on the UK-listed bank ahead of his pivotal strategy update in February. The Singapore state investment company, which owns about 16% of StanChart, was reported by FT to be asking for more frequent and detailed briefings from top executives and even floated the prospect of taking a board seat in a meeting last year, two people with knowledge of the discussion to....

Ascendas-Singbridge properties to house public EV charging network with help from SP Group

SINGAPORE (Jan 21): Ascendas-Singbridge Group is appointed as Singapore Power (SP) Group’s first major location partner in its plans to build “Singapore’s largest and fasted public EV charging network” with 1,000 charging points island-wide by 2020. Under the partnership, 24 charging points were installed in six buildings owned by Ascendas-Singbridge – Hyflux Innovation Centre at  80 Bendemeer Road, Corporation Place, Techlink, Techplace I, The Capricorn and The Kendall – with operations commencing in phases since Dec 2018.   Main image: SP Group CEO Wong Kim Yin (l....