SINGAPORE - Singapore-based Luye Medical Group has completed a majority equity investment in Novena Heart Centre (NHC), it said on Tuesday (April 10).
The deal - for an undisclosed amount - is the latest of Luye Medical's investments in healthcare service providers in Singapore, which include OncoCare Cancer Centre and AsiaMedic.
Luye Medical said the acquisition of NHC will enable it to cater to the rising demand for cardiovascular treatment as incidences of cardiovascular diseases continue to rise in Singapore and globally.
Said Charles Wang, its group chief executive officer: "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 the regional markets."
Dr Hsu Li Fern, NHC's co-CEO and consultant cardiologist, said that with Luye Medical's support, NHC aims to set up more clinics in the major private hospitals in Singapore.
Luye Medical also intends to expand NHC's cardiology practice into China in the medium term.
"We will tap the company's strong local network in China to bring NHC's cardiology practice to the country. Our foray into the key Chinese cities will be aligned with the upcoming hospitals under the Luye Medical Group's umbrella of healthcare assets in China," said Mr Wang.
NHC, located in Mount Elizabeth Novena Hospital, is a multidisciplinary cardiology group practice in Singapore. It houses five major cardiology disciplines - coronary intervention, heart rhythm management, heart failure, cardiac imaging, and cardio thoracic surgery.
Luye Medical owns 53 healthcare facilities across 26 cities in Singapore, Australia, South Korea and China.