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

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

By: 
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.

Right timing: STI stays intact, but Hong Fok is at extreme overbought high

SINGAPORE (Mar 23): Although quarterly momentum appears ambivalent as it is consolidating beneath its own moving average, prices are intact. They have established support at the confluence of the 50- and 200-day moving averages which are moving into an increasingly positive stance at 3,217 and 3,186 respectively. The index may well be able to regain its 50-day moving average as short term stochastics is turning up from the bottom of its range. Since medium term indicators are neutral and drifting sideways, short term indicators could keep the STI afloat. However the range is likely to be ....
Read More >>

EY Singapore launches 18th edition of Entrepreneur Of The Year awards

SINGAPORE (Mar 22): The search has started for the 18th EY Entrepreneur Of The Year, as part of the bid to promote entrepreneurship and shape a new role model for the business community. Ernst & Young LLP, organiser of the annual awards, observes that entrepreneurs in Singapore, and the world, have built some of the world’s most enduring companies. The businesses they build don’t just create employment and contribute to the GDP. “Their creativity, tenacity and courage serve as an inspiration for many. In many ways, the way they overcome the odds, the power of their influence, a....
Read More >>

Challenger Tech's 2.94% shareholder says offer price too low, calls for higher dividend payouts

SINGAPORE (Mar 22): Pangolin Investment Management, which holds a 2.94% stake in Challenger Technologies through its Pangolin Asia Fund, is calling on other shareholders to reject Digileap Capital’s delisting offer at the company’s upcoming EGM.   Pangolin says the offer price of 56 cents per share, which translates to a price-to-earnings ratio of 9.9 times, is too low and thus unfair to minority shareholders. In a letter sent to The Edge Singapore on Friday, Pangolin explains its reasons for strongly advising other Challenger shareholders to reject the offer, which it deems “....
Read More >>