Colin Ng & Partners LLP (“CNP“) successfully acted for 5 obstetrics and gynecology (“O&G“) specialist doctors in the sale of their Astra Women’s Specialists group of clinics to SGX-listed Singapore Medical Group Limited (“SMG“), a specialist healthcare services provider with 23 existing clinics in Singapore, for a total consideration of S$60 million. The consideration will be paid via S$33 million in cash and the issuance of new shares in SMG worth an aggregate of S$27 million at an issue price of S$0.33288 per share.
The Astra Women’s Specialists group of clinics comprises of six O&G clinics with a flagship clinic located at Mount Elizabeth Novena Specialist Centre. Due to this acquisition, SMG now provides O&G services through eight O&G doctors, making it one of the largest specialist practitioners and service providers in the private sector dedicated towards women’s health and wellness.
Partner, Mr Ken Chia, was assisted by Senior Associate Mr Joshua Khng in this transaction.