Singapore's HC Surgical buys control stake in endoscopy business for $536,060

It plans to buy the remaining stake at a later stage.

Singapore-based HC Surgical Specialists (HCSS) is buying 51% of the total share capital of GMH Endoscopy & Surgery (GMHES) from GMH Surgical for $536,060 (S$765,000), according to a press release.

Also read: HC Surgical Specialist profits up 38% to $880,000 in Q1

With the acquisition, GMHES will become a subsidiary of the group. With the addition of specialist surgeon Goh Minghui, who has been assigned to manage GMHES for a minimum of 11 years, HCSS will expand its team of specialists to six.

The purchase will be made by both cash and shares. Subject to completion of the acquisition, the company will enter into a separate sale and purchase agreement to buy the remaining 49% of the total issued and paid-up share capital in GMHES at a later stage.