Pacific Healthcare Holdings disposes of shares in elderly care business

SINGAPORE - Pacific Healthcare Holdings has transferred its entire shareholding in Pacific Activitiy Centres (PAC) to Pacific Eldercare and Nursing (PEN) for $185,500, as part of a move to streamline shareholders' interest in its eldercare business.

The purchase consideration was arrived at based on a willing buyer and willing seller basis, the company said.

PAC is a 35 per cent associated company of Pacific Healthcare Holdings. Its principal activities are social services for the elderly and management consultancy services for healthcare organisations.

PEN is a 20 per cent associated company of Pacific Healthcare Holdings. Its principal activities are the formation, operation and management of nursing homes.

Following the transfer, the effective interest of Pacific Healthcare Holdings in PAC will be down from 35 per cent to 20 per cent via PEN.

The move is not expected to have material impact in the net tangible assets per share and earnings per share of the Company for the financial year ending Dec 31, the company said.