Luye Medical buys majority stake in Novena Heart Centre

Singapore-based Luye Medical Group has completed a majority equity investment in Novena Heart Centre (NHC), it said yesterday.

The deal - for an undisclosed amount - is the latest of Luye Medical's investments in healthcare service providers here. Others include OncoCare Cancer Centre and AsiaMedic.

Luye Medical said the NHC acquisition will enable it to cater to the rising demand for cardiovascular treatment.

Chief executive Charles Wang said: "The acquisition of NHC not only strengthens our presence in Singapore, but also underscores Luye Medical Group's strategy to focus on high-growth medical speciality areas and integrated services.

"Besides elevating our core competencies across cardiovascular treatments, it will also enable us to leverage NHC's expertise in this medical field as we continue to expand into regional markets."

Dr Hsu Li Fern, NHC's co-chief executive and consultant cardiologist, said that with Luye Medical's support, NHC aims to set up more clinics in major private hospitals in Singapore.

Luye Medical also plans to expand NHC's cardiology practice into China in the medium term.

NHC, which is in Mount Elizabeth Novena Hospital, is a multidisciplinary cardiology group practice.

Luye Medical owns 53 healthcare facilities across 26 cities in Singapore, Australia, South Korea and China.

A version of this article appeared in the print edition of The Straits Times on April 11, 2018, with the headline 'Luye Medical buys majority stake in Novena Heart Centre'. Print Edition | Subscribe