Asian Healthcare Specialists inks investment deal with Temasek unit

The deal amounts to S$5m ($3.6m).

Asian Healthcare Specialists, a Singapore-listed provider of ortophaedic services, has revealed a S$5m ($3.6m) investment deal with Heliconia Asset Management.

Heliconia is an investment company wholly-owned by Temasek Holdings. It provides growth capital to Singapore's leading small and medium-sized enterprises to help them become globally competitive.

Under the deal, Asian Healthcare Specialists will issue a convertible bond worth S$5m due in 2021. The bond is convertible in whole or in part into fully-paid ordinary shares in the capital of the company at a conversion price of S$0.25 per share.

The company has also proposed a grant of one non-listed share option for an aggregate consideration of S$5m at the exercise price of S$0.325 per option share.

The estimated net proceeds, after deducting estimated expenses, from the issue and subscription of the Convertible Bond and the full exercise of the Option are approximately S$9.92m. The proceeds will be used to finance the company’s expansion plans.