SINGAPORE (Sept 20): HC Surgical Specialists entered into a sale and purchase agreement for the acquisition of a 50% stake in associate company Medical Services @ Tampines for $135,000.

Following the completion of the acquisition, MST has become a 83.33% subsidiary of the company.

Incorporated on March 17 2010, MST operates the only endoscopy and radiology clinic in the group that is located in the east. For the 12 months ended May, MST incurred a loss before tax of $55,000. As at May 31, MST’s net tangible liability was $78,000.

HC Surgical says the acquisition of MST will allow it to attain control of MST and implement its plans for growth.

“The board is of the view that the acquisition is in line with the group's plan for growth and will expand the group's presence in Singapore,” says HC Surgical.

Year to date, shares in HC Surgical have fallen 5.7% to 66 cents.