SINGAPORE (Mar 24): The shareholders of Rowsley have voted in favour of the proposed healthcare acquisition from controlling shareholder Peter Lim Eng Hock.

The proposed acquisition includes a 100% stake in Thomson Medical and a 70.35% stake in Bursa-listed TMC Life Sciences (TMCLS) which owns Tropicana Medical Centre.

See: Rowsley signs binding agreement to acquire $1.6 bil worth of healthcare assets from Peter Lim; to be renamed Thomson Medical Group

In addition, the majority of its shareholders approved all of the resolutions including the issuance of bonus and piggyback warrants, the appointments of Roy Quek Hong Sheng and Freddie Heng Kim Chuan as directors as well as the change of name to “Thomson Medical Group Limited”.

See: Rowsley says sale price of TMC Life Sciences warrants set at $34.8 mil

The acquisition will be completed subject to the successful fulfilment of the other conditions set out in the acquisition agreement.

“We are pleased with the strong vote of approval from our shareholders in favour of the Company’s expansion into healthcare. We will now start work on driving our new business, executing the expansion projects in Malaysia and actively pursuing growth opportunities in the healthcare sector,” says Ng Ser Miang, Chairman of Rowsley at the extraordinary general meeting (EGM) held on Friday.

Thomson Medical Group says it will be one of the largest listed healthcare players in Singapore, allowing the company to capture the ageing demographics and growing affluence in this part of Asia.

Thomson Medical is also one of Singapore’s largest private providers of healthcare services for women and children, and TMCLS is a multi-disciplinary tertiary hospital and leading provider of in-vitro fertilisation services in Malaysia.

Ng also says, “We will also begin to work on strategic options for our real estate business. This is a business with great brands, strong capabilities and talented employees. We believe with the new leadership appointments and integration of the real estate businesses under one roof, the Company is set for the next cycle of growth as the Singapore real estate market recovers.”

See also: What does Rowsley’s plan to buy $1.9 bil in healthcare assets mean for investors?

See also: How much will investors pay for Rowsley?