HC Surgical Specialists
Medical services group HC Surgical Specialists (HCSS) will buy a 51 per cent stake in HMC Medical for $673,000 in cash, as part of plans to extend its reach and market share in Singapore.
HCSS said HMC currently operates a clinic in Upper Thomson Road, where the HCSS group has no presence. "The board is of the view that the proposed acquisition is in line with the group's plan for growth," it said.
HMC recorded a loss before tax of $161,000 for the 12 months ended June 30, 2017. This was due to a one-off goods and services tax (GST) expense of $187,000 incurred for the financial periods up to December 2016 but recorded in the year to June 30, 2017. The GST expense was a result of HMC's omission to register for, and subsequent errors in its submissions of, GST under the relevant regulations. Excluding this one-off GST expense, HMC's profit before tax would have been $26,000 for the 12 months ended June 30, 2017.
Under the terms of the proposed acquisition, HMC will continue to be helmed by Dr Chee Hsing Gary Andrew and Dr Lee Peng Khow. Both doctors will also remain as shareholders of HMC, each with 24.5 per cent equity interest.
Wing Tai Holdings
Property and lifestyle company Wing Tai Holdings has appointed two new directors to its board, while saying goodbye to a long-serving one.
Wing Tai announced yesterday that it has appointed Mr Guy Daniel Harvey-Samuel and Dr Zulkurnain Hj Awang as non-executive directors to its board.
Mr Harvey-Samuel is currently serving as non-executive chairman of HSBC (Singapore), having previously served as general manager, CEO of Singapore, at The Hongkong and Shanghai Banking Corporation.
He will serve on Wing Tai's remuneration and nominating committees.
Dr Zulkurnain was, until Nov 29, 2017, an independent non-executive director of Wing Tai Malaysia.
Wing Tai bid farewell and paid tribute to Mr James Lee Kim Wah, who retired from its board yesterday, having turned 80 years old.
Wing Tai's announcement described Mr Lee as having been with the company "from day one", serving as a manager in the company's appointed auditing firm and later being invited to join Wing Tai as a staff member.
Mr Lee served with the company for a total of 50 years, holding a variety of roles from finance to human resources to labour relations. He retired in 2008 as the group's finance director, but stayed on as its senior adviser and independent non-executive board director.