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Malaysia: Grant Thornton gives nod to AAMG acquisition

Grant Thornton has given the nod to plans by ASX-listed Asian American Medical Group (AAMG) to take a 95.1% stake in Hippocrates Development (HDSB) for M$91.4 million (US$21.6 million).

The acquisition is subject to shareholder approval. Grant Thornton has concluded that the proposed acquisition is “fair and reasonable” and “consistent with AAMG’s strategy”.

HDSB is an SPV of group chairman Tan Kai Chah.

AAMG will pay M$5.6 million in cash and issue 13.8 million new shares to the Sultan of Johor. The payment is for a five acre plot of land in Iskandar, Johor, on which the group wants to develop an integrated cancer centre.

“The project is expected to meet the underserved demand for cancer treatment in Johor as well as from other parts of Malaysia and internationally. Malaysia has experienced growth in the number of healthcare travellers coming to Malaysia and the project is expected to tap into this growth,” it said.

The project is expected to be positive for the group. AAMG will be remunerated M$1 million immediately with M$2 million following the achievement of certain milestones. In addition, it will receive a management service fee of 20% of the costs and expenses incurred relating to the project.
Posted on: 24/11/2017 UTC+08:00


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