Singapore Medical Group acquires LifeScan Imaging to fuel diagnostics growth

It acquired the remaining stakes for S$8.5m.

The local bourse listed Singapore Medical Group has acquired the remaining 61.9% stake in its associated company Lifescan Imaging.

According to a press release by SMG, he 61.9% stake would have contributed an additional net profit of S$348,000.

“This earnings accretive acquisition will be funded via the issuance of 33,363,282 new shares at approximately S$0.256/share and was determined based on the volume weighted average price of the shares traded on 4 August 2016 and shares traded on 5 August 2016 prior to the trading halt,” the report said.

Meanwhile, according to Singapore Medical Group CEO and executive director Dr Beng Teck Liang, the acquisition would fuel growth in the newly earmarked diagnostic business segment.

“We have identified this segment to be a key growth driver for the Group as we continue to expand our diagnostic imaging assets,” he said.