EC Healthcare acquires 60% share capital of Pioneer Evolution for expansion
EC Healthcare, the largest non-hospital medical service provider based in Hong Kong, has recently stated that the Group and the Seller have entered into a sale and purchase agreement to obtain 60% of the allotted share capital of Pioneer Evolution Limited (the ‘Target Company’) for a total consideration of $4.6 million (HK $36.4 million) in cash.
For the unversed, EC Healthcare together with its subsidiaries is addressed as the Group.
The target firm is said to be a controlling holding company of a medical service provider with a long history of offering multi-disciplinary healthcare services in Hong Kong since 2002. It also runs 9 medical centers under the Sure-Care Medical and Health Network business names.
Apparently, with this acquisition, the multi-disciplinary healthcare services are slated to strengthen the Group’s medical services layout and further empower it to increase its market share in the healthcare market.
Upon the finalization, the Group’s full-time enlisted doctor team will be extended, and its medical services facility will be reinforced in Hong Kong, especially in New Territory East. It is also estimated to build cross referrals to augment the market share.
In addition, by leveraging its operational efficiencies and excellence, the Group will utilize Sure-Care Medical and Health Network in view of augmenting its asset value via corporatization.
Speaking on the latest move, Mr Levin Lee, Executive Director and Chief Finance Officer, EC Healthcare, stated that EC Healthcare is devoted to rolling out an enclosed ecosystem to offer premium services to clients by utilizing multiple brands and disciplines.
Levin further stated that the acquisition is in line with the Group’s expansion strategy and will also consolidate its leading market position in Hong Kong’s healthcare market while expanding the overall shareholders’ return.
It is imperative to note that EC Healthcare is slated to be a market-leading consolidator. By growing its businesses via organic growth and acquisitions as well as mergers, it is striving to become one of the prominent healthcare service providers across Asia.
Source credit - https://menafn.com/1104958503/EC-Healthcare-Acquires-Multi-Disciplinary-Healthcare-Services-Chain-In-Hong-Kong
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