SINGAPORE - Catalist-listed Singapore Medical Group (SMG) has acquired its first hospital-based paediatric clinic for S$7.9 million to expand its specialty offerings on neonatology.
The acquisition of Babies and Children Specialist Clinic Pte Ltd at Mount Alvernia Hospital expands the group's portfolio of clinics to 36. It has two other paediatric clinics located in the heartlands of Toa Payoh and Bishan.
The latest acquisition will be funded by the issue of some 6.3 million new shares at approximately S$0.62 per share and approximately S$3.95 million in cash over three tranches.
SMG said in a pre-market filing on Thursday (Oct 19) it will have a consultancy agreement of at least a five-year tenure with the clinic's renowned senior neonatologist, with efforts to grow the group's paediatric practice, identify and mentor talented paediatricians.
Commenting on the latest acquisition, SMG's executive director and CEO Dr Beng Teck Liang, said "We are pleased to welcome our latest paediatrician who adds both breadth and depth to our existing specialty offering. Apart from expanding our footprint locally to have a presence at the hospital, neonatology is a sub-specialty that would value-add our existing capabilities and propel us up the value chain."
He added that four specialists will be joining the group by the first quarter of next year in the disciplines of paediatrics, obstetrics & gynaecology and cardiology.