Raffles Medical aborts Island Hospital buy
Raffles Medical Group Ltd (RMG), Singapore’s leading integrated private healthcare provider, has aborted its proposed acquisition of Penang-based Island Hospital Sdn Bhd for RM110 million due to “principal issues” that could not be resolved.
RMG told the Singapore Exchange on Dec 11 that the proposed acquisition had been called off — seven weeks after it first announced the move as part of its strategy to continue expanding its operations beyond Singapore.
The company reached an agreement on Oct 23 with the hospital’s existing shareholders to buy up to 100% of its issued share capital for RM110 million cash, subject to contract, due diligence and all necessary approvals.
RMG said since then, the parties had been working towards the finalisation of a definitive sale and purchase agreement, but “principal issues arose which could not be resolved to the satisfaction of all parties”.
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