Q&M sells Shanghai dental practice for $310,000

SINGAPORE - Dental healthcare group Q&M Dental has sold an indirectly wholly owned dental practice in China.

It disposed of dental practice Shanghai Meiya Mingxing Dental Polyclinic at a price of 1.55 million yuan (S$310,000) to the buyer, identified only as Ms Wang Xiu Zhen.

Q&M bought Shanghai Meiya in 2012 for 1.35 million yuan.

It said in a statement to the Singapore Exchange on Monday that its current focus is on the acquisition of dental groups which are covered by the China State Medical Insurance.

As Shanghai Meiya is not covered under the insurance, the firm has decided that it is the right time to sell the unit.

The price was arrived at based on arm's length negotiations between the parties after taking into account the prevailing market conditions and the open market value of Shanghai Meiya.

The transaction is not expected to have a material effect on the earnings of the group.