Expansion of Core
Specialist Services through Acquisition of Singapore Heart Stroke and Cancer Centre
Singapore, 6 December 2005 – Singapore Exchange Main
Board listed Pacific Healthcare Holdings, Ltd. (PHH), an
integrated healthcare provider offering a comprehensive range
of healthcare services today announced the expansion of its
core specialist services through the acquisition of Singapore
Heart Stroke and Cancer Centre (“SHSCC”). SHSCC,
founded by eminent cardiologist Dr. Michael Lim, is a one-stop
centre for early diagnosis of heart disease, stroke and cancer
using advanced 4-D computed tomography (CT scans). It also
serves as the reference centre for multi-detector CT in the
Asia Pacific region for Philips Medical Systems.
Under the terms of the agreement, PHH and its financial
partners will take a stake of 51% in SHSCC through a special
purpose vehicle, Pacific Heart, Stroke and Cancer Centre
(“PHSCC”). PHH’s initial interest in
PHSCC is 50% and holds an option to acquire the remaining
shares in PHSCC to enable it to achieve an effective 51%
shareholding in SHSCC. SHSCC has an option to acquire a
stake in a hospital in Shanghai, China. The hospital is
expected to offer specialist medical care including in-patient
facilities. Its main focus will be on cardiology, cancer,
stroke, plastic surgery and implant and aesthetic dentistry.
Dr William Chong, CEO of Pacific Healthcare said, “Heart
disease, strokes and cancer account for more than half
of all deaths internationally. The acquisition of SHSCC
provides good synergy with our existing specialist services.
It also provides PHH with an additional platform on which
to build our regional expansion plans”.
Dr Michael Lim, Medical Director of SHSCC said, “Both
Pacific Healthcare and SHSCC share a similar vision of
building Singapore as an international medical hub. In
addition, our expansion plans are complementary to each
other and it makes excellent commercial sense to combine
our strengths especially in our regional drive.”
Dr Chong added, “This investment opportunity will
result in a significant expansion of our specialist services
in Singapore. In addition to investing in a profitable
company, PHH will be able to leverage on SHSCC’s
plans to acquire a hospital in China to facilitate the
Group’s regional expansion plans. I have great faith
in Dr Michael Lim and his team. His wealth of cardiac expertise,
regional network and corporate experience will be an asset
to our Company”
The acquisition is expected to be earnings accretive.
About Singapore Heart, Stroke and Cancer Centre
Founded
by Dr. Michael Lim, a cardiologist, the Singapore Heart,
Stroke and Cancer Centre (SHSCC) brings together
a team of specialist doctors, radiologists / radiographers
and state-of-the-art medical facilities. It provides
a one-stop medical centre for prevention, early diagnosis
and treatment of the 3 main causes of death, namely heart
disease, stroke and cancer that are common among the
population
today. SHSCC uses advanced 4-D computed tomography (CT
scans) for the early diagnosis of heart disease, stroke
and cancer. It also serves as the reference centre for
multi-detector CT in Asia Pacific region for Philips
Medical Systems. Dr Lim is the current President of the
Asia-Pacific
society of Cardiology.
For more information, please visit
the centre’s website
at www.shsccentre.com
