Rowsley shares up some 58% on deal to buy healthcare assets for $1.9 bil

Rowsley shares up some 58% on deal to buy healthcare assets for $1.9 bil

PC Lee
19/07/17, 11:28 am

SINGAPORE (July 19): Rowsley shares this morning rose 57.5% or 4.2 cents to 11.5 cents with 159 million shares traded after announcing it has entered into an agreement to buy healthcare assets from its controlling shareholder in an all-share deal valued at $1.9 billion.

In a stock exchange filing on Tuesday night, the real estate company said the proposed acquisition involves buying a 100% stake in Thomson Medical and a 70.36% stake of TMC Life Sciences Bhd from controlling shareholder and Singapore billionaire Peter Lim Eng Hock.

See: Rowsley to acquire $1.9 bil in healthcare assets from controlling shareholder Peter Lim

The company added that it has currently signed a non-binding term sheet for the deal. A sale and purchase agreement is expected to be completed within two months, it added.

Rowsley's Chairman Ng Ser Miang said the proposed acquisition is an opportunity to acquire controlling stakes in two established healthcare assets in Singapore and Malaysia and be part of an expanding business.

"This deal will diversify Rowsley's portfolio as well as strengthen our current businesses," says Ng.

Photo credit: AFP

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