Catalist-listed Singapore Paincare Holdings FRQ % has acquired PTL Spine & Orthopaedics Private Limited for $3.1 million.
A sale and purchase agreement (SPA) was entered into with Dr Paul Thng and Ong Geok Kim to acquire 100% of the total issued share capital of the orthopaedic practice.
The acquisition was completed on March 14.
Following the acquisition, Thng, who is also the founder of PTL, has been appointed its senior orthopaedic surgeon. Thng is said to be a highly accredited orthopaedic surgeon, who is recognised for his skills in both minimally invasive as well as surgical procedures especially in the treatment of spine and spinal surgery.
According to Singapore Paincare Holdings, the acquisition is part of its objective to broaden its range of pain treatment options across different medical fields and to offer surgical options.
“Singapore Paincare’s unique proposition remains the use of minimally invasive procedures for the treatment of pain, but we recognise that there are some types of pain, which are specific to certain branches of medicine that may require more intervention,” says Dr Bernard Lee, Singapore Paincare Holdings’ executive director and CEO.
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“The successful integration and immediate contribution of Centre for Screening & Surgery Pte Ltd (CSS) to our performance has affirmed our strategy and we are optimistic about replicating the same results with PTL and any other potential future partners. More importantly, this acquisition has given us access to Dr Thng’s expertise, which will enhance our ability to treat orthopaedic conditions,” he adds.
Singapore Paincare had acquired a 51% stake in CSS in February 2022. The acquisition at the time enabled the group to include cancer pain treatments that may involve surgical options within its services.
CSS contributed 10% in new revenue to the group’s financial performance for the six months ended Dec 31, 2022.
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PTL’s acquisition now brings the number of specialist clinics under Singapore Paincare to four. The group now has a total network of 16 locations.
Shares in Singapore Paincare Holdings closed at 23.5 cents on March 14.