EC Healthcare Acquires Specialty Medical Services Centers in Hong Kong
HONG KONG, Nov 8, 2021 – (ACN Newswire via SEAPRWire.com) – EC Healthcare (the “Company”, which together with its subsidiaries is referred to as the “Group”, SEHK stock code: 2138), the largest non-hospital medical group in Hong Kong*, is pleased to announce that the Group enters into a sales and purchase agreement to acquire 70% of the issued share capital of Premier Medical Group (BVI) Limited (the “Target Company”), for a total consideration of HK$100 million in cash.
The Target Company has a long-standing history in providing medical services in Hong Kong. As at the date of this announcement, the Target Company operates 5 medical centers in Hong Kong, providing a wide array of medical services covering 18 specialist disciplines and other allied health services, with over 30 full-time registered medical practitioners. According to the unaudited financial information for the nine months ended 30 September 2021, the revenue and profit after tax of the Target Company amounted to HK$219.942 million and HK$10.826 million, respectively. Upon completion of the acquisition, the financial result of the Target Company will be consolidated into the consolidated financial statement of the Group.
The Target Company guarantees to the Group with an aggregate revenue for the four financial years ending 31 December 2025 should be no less than HK$1.18 billion. Upon completion of the acquisition, the Group will have 6 additional medical specialist disciplines, including (i) Anaesthesiology, (ii) Endocrinology Diabetes & Metabolism, (iii) Haematology & Haematological Oncology, (iv) Paediatric Respiratory Medicine, (v) Reproductive Medicine and (vi) Respiratory Medicine. Leveraging on the Group’s operational excellence and efficiencies, the Group continues to empower inefficient and dispersed medical assets to improve efficiency through corporatization. This acquisition will deepen the Group’s medical service business layout and will further consolidate the Group’s leading position in premium health market, hence improve the overall shareholders’ return.
Mr. Levin Lee, Executive Director and Chief Finance Officer of EC Healthcare said, “EC Healthcare is always committed to building up an enclosed ecosystem to provide premium services to the client by leveraging multiple brands and disciplines. This acquisition aligned with the Group’s expansion and can increase the Group’s market share and enhance the diversification of the business. Looking forward, the Group will develop its businesses through organic growth as well as mergers and acquisitions, leveraging advancement in information technology, branding and service to build the enclosed healthcare ecosystem to consolidate the healthcare market.”
About EC Healthcare
EC Healthcare is Hong Kong’s largest non-hospital medical service provider*, leveraging its core businesses of preventive and precision medicine, and committed to developing medical artificial intelligence by integrating its multi-disciplinary medical services. The move, which is supported by the Group’s high-end branding and quality customer services, is aimed at offering customers safe and effective healthcare and medical services with professionalism.
The Group principally engages in the provision of one-stop medical and health care services in Greater China. The Group provides a full range of services and products under its well-known brands, including those of its one-stop aesthetic medical solutions provider DR REBORN which has ranked first in Hong Kong by sales for years, primary care clinics jointly established with Tencent Doctorwork, chiropractic services centre SPINE Central, New York Spine and Physiotherapy Center NYMG, health management centre re:HEALTH, a vaccine centre Hong Kong Professional Vaccine HKPV, a comprehensive dental centre UMH DENTAL CARE, a diagnostic and imaging centre HKAI, an oncology treatment centre reVIVE, a day procedure centre HKMED, a specialty clinic SPECIALISTS CENTRAL and NEW MEDICAL CENTER, obstetrics and gynaecology specialist ZENITH MEDICAL CENTER AND PRENATAL DIAGNOSIS CENTRE, specialists central, a paediatric center PRIME CARE, cardiology center HONG KONG INTERNATIONAL CARDIOLOGY CENTER, PathLab Medical Laboratories, a professional hair care center HAIR FOREST, Ophthalmology Center VIVID EYE and EC Veterinary Hospital and Imaging Center.
*According to independent research conducted by Frost and Sullivan in terms of revenue in 2019 and 2020
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