SGX Mainboard-listed . (“Rowsley”), a Singaporean real estate firm, has announced its plan to expand into the healthcare sector with the signing of a non-binding term sheet to purchase the healthcare assets of MrLim Eng Hock, a controlling shareholder of Rowsley. A Sales and PurchaseAgreement is expected to be completed within two (2) months.

The Proposed AcquisitionThe proposed acquisition, valued at up to S$1.9 billion, is an all-share dealfor a 100% stake of Thomson Medical Pte Ltd(“Thomson Medical”)and a 70.36% stake of TMC Life Sciences Berhad(“TMCLS”), a Bursa Malaysia listed company. The proposed acquisition will be financed through the issuance of new shares to be issued at S$0.075 per share.

Mr Ng Ser Miang, Rowsley’s Chairman said, “This proposed acquisition is an opportunity for us to acquire controlling stakes in two established healthcare assets in Singapore and Malaysiaand be part of an expanding business.Healthcare is a big and growing market due to aging demographics, longer lifespan, major trends to increase birth rates, and growing affluence.This deal will diversifyRowsley’sportfolio as well as strengthen our current businesses.It will also significantly increase Rowsley’s market capitalisation, market profile, and generate investor interest.”

The proposed acquisition will also bring TMCLS’s proposed Thomson Iskandar project in Iskandar, Johor, together with Rowsley’s investment in Vantage Bay Healthcare City.Thomson Iskandar is an integrated development that comprises a 500-bed general hospital, 400 medical suites and a retail mall. The hospital will be equipped with state-of-the-art facilities and equipment.

Mr Ng said, “We will be able to derive synergy from combining both projects together under one company. Our enlarged company profile will further help us to attract high-quality healthcare players and investors to work with us on our Iskandar healthcare project.”

Source: Rowsley