SINGAPORE (May 7): HC Surgical Specialists is acquiring a 51% stake in Jason Lim Endoscopy and Surgery (JLES) for $832,000.

The sellers are Jason Lim Holdings and and Dr Jason Lim Wei-Min.

Of the consideration, $628,000 will be paid in cash while the remaining to be paid with 300,000 new shares at 68 cents each, a premium of 0.74% to HC Surgical’s May 4 closing price of 67.5 cents each.

A separate agreement has also been signed to buy the remaining 49% from the vendor and Lim at a later date at 10 times the audited profit after tax of JLES for the financial year ended May 2022, multiplied by 0.49.

Under Monday’s agreement, the company will also employ Lim as a specialist surgeon with oversight over the surgery.

Lim received his subspecialty fellowship training in Denmark for advanced proctology and pelvic floor disorders, which is in line with the group’s key surgical service.

He is also an experienced specialist with 12 years of experience in government hospitals. He is currently a Consultant Surgeon in SGH Dept of Colorectal Surgery.

HC Surgical says the addition of Lim to the group's number of experienced practitioners will strengthen the group's capabilities.

Shares in HC Surgical closed at 68 cents on Monday.