Catalist-listed Singapore Paincare Holdings has entered into a conditional sale and purchase agreement to acquire the business and assets of Medihealth Bishan Clinic & Surgery for a consideration of $585,000.

The agreement was signed between Singapore Paincare Holdings’ newly-incorporated 60%-owned subsidiary, Medihealth Clinic (MHC), and Healthgivers.

The consideration took into account the clinic’s historical net revenue and net profit generated by its operations, as well as its prospects and the aggregate book value of the assets acquired.

Healthgivers is wholly-owned by Dr Khaw Seng Ghee, who is also a general physician at Medihealth Bishan.

MHC is incorporated by Singapore Paincare Holdings and Dr Chia Wai Tuck, Xavier, who owns the remaining 40%.

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Chia was most recently a general practitioner with OneCare Clinic Canberra and OneCare Clinic Tampines.

Upon completion of the proposed acquisition, Chia will oversee the day-to-day operations and management of MHC.

Khaw will continue to provide locum services to Medihealth Bishan Clinic & Surgery as required, under the terms of the agreement.

Singapore Paincare Holdings says the acquisition will be financed with internal resources.

The acquisition is said to be “in line” with the group’s strategic plans to expand its business operations and grow its client base locally.

Shares in Singapore Paincare Holdings closed flat at 19.8 cents on April 20.