HC Surgical Specialists, the Catalist-listed medical services provider entered into a memorandum of understanding (MOU) with Healthcare Essentials Pte Ltd (HEPL) to subscribe to new ordinary shares in the latter amounting to a 20% interest in HEPL on the evening of Oct 7.

HEPL is a Singapore-based company specialising in the retail sales of pharmaceutical and medical goods and provision of management consultancy services.

The proposed investment constitutes an interested person transaction (IPT) under Catalist rules, as HEPL is 100%-owned by HC Surgical Specialists’ non-executive non-independent director, Gjan Lim Chye Lai.

According to the filing, the proposed consideration for the investment is estimated to be at $182,000, representing 1.49% of HC Surgical Specialists’ latest audited net tangible assets (NTA).

The MOU will terminate by the date when a definitive agreement is executed between HC Surgical Specialists and HEPL, or within six months from the date of the MOU.

On Sept 25, Medinex, which HC Surgical Specialists is the controlling shareholder of, entered into a non-binding MOU with HEPL for a proposed subscription of about 20% of the total issued share capital of HEPL.

See also: Medinex makes $1.2 mil acquisition of business support services firm

On completion of the MOU, the shareholders of HEPL will comprise HC Surgical Specialists, Medinex and Gjan Lim.

Shares in HC Surgical Specialists and Medinex closed flat at 30 cents and 19.6 cents respectively on Oct 7.