|
| Thursday, 17 December 2015, 10:51 HKT/SGT | |
| |
|
|
|
|
| Dr Lim Cheok Peng and Dr Jonathan Seah, together with CM International Holding Pte. Ltd., partner to tap China's multi-billion dollar healthcare and elderly care market |
HONG KONG, Dec 17, 2015 - (ACN Newswire) - The shareholders of COL Capital Limited ("the Company" stock code: 383) has approved the proposed change of its name to China Medical & HealthCare Group Limited at a Special General Meeting this week. The change reflects the Company's new focus on China's lucrative healthcare and elderly care market to enhance value for its shareholders. The Company also announced yesterday the designation and appointment of industry veterans Dr Lim Cheok Peng as Chairman and Dr Jonathan Weiyan Seah as CEO of the Company respectively. They will lead a new management team to run the Company's portfolio of healthcare and elderly care related businesses including existing hospitals and a retirement village, with the aim of establishing a network of integrated facilities across China.
 | | COL Capital Limited to be renamed as China Medical & HealthCare Group Limited, with New Leadership Team, New Strategic Partner, and New Funds |
The shareholders of the Company at the Special General Meeting has also approved the issue of consideration shares for the acquisitions which will increase the Company's existing stakes in their hospital and retirement village businesses (the "Acquisitions").
CM International Holding Pte. Ltd. ("CMIH"), a subsidiary of China Minsheng Investment Corp., Ltd., recently entered into a HK$900 million share subscription with the Company, and also separately entered into an MOU to establish a joint venture fund management company with the Company.
Dr Lim Cheok Peng, Chairman of the Company, said, "The outlook for the private healthcare sector in the PRC is increasingly positive due to favourable demographics such as an aging population and a growing middle class, supportive government policies, and low penetration of private healthcare institutions, especially in the second and third-tier cities. These factors will provide tremendous opportunities for us."
McKinsey predicts that healthcare spending in China will reach US$1 trillion in 2020, up from US$350 billion in 2014, and it is estimated that by 2050, the elderly population in China will total 400 million, accounting for one-third of the country's population.
The Acquisitions
With the completion of the Acquisitions announced yesterday, the Company will now own 100 percent of Lianyungang Jiatai Construction Co. Ltd. ("Jiatai") and approximately 70 percent of Aveo China (Holdings) Limited ("Aveo China"). The approximately remaining 30 percent of Aveo China will continue to be held by Aveo Healthcare Limited, part of the Aveo Group Limited group of companies. Aveo Group is a leading owner, operator and manager of retirement communities across Australia.
Jiatai engages in the investment, management, and operations of healthcare and hospital businesses, the trading of medical equipment and related supplies, and property development in the PRC. It currently owns three operating hospitals located in Nanjing, Kunming and Yunnan, and two vacant land parcels for medical and healthcare purposes adjacent to the Nanjing and Kunming hospitals.
Aveo China is engaged in developing and managing elderly care and retirement communities in the PRC. It has developed its first project in Shanghai which is a comprehensive elderly care village consisting of 868 independent living units, about 270 to 280 service apartments, an elderly nursing home, a medical center and a commercial area comprising a shopping mall, retail shops, a fitness center, and recreational facilities. The first residents of this village are expected to move in later this month.
The Designation and New Appointment
The Board of the Company believes that Dr Lim and Dr Seah's experience and expertise will bring operational and strategic value.
Dr Lim Cheok Peng - Chairman and Non-Executive Director
With more than 25 years of international experience in the healthcare sector, Dr Lim has extensive experience both as a medical practitioner and in developing and managing hospital businesses. He was previously the managing director and executive director, and later the senior advisor, of Kuala Lumpur and Singapore-listed IHH Healthcare Berhad ("IHH"), the world's second-largest listed healthcare operator by market capitalisation. Prior to that, Dr Lim held vice chairman, executive vice chairman and managing director roles at Singapore-listed Parkway Holdings Limited ("Parkway"), one of the region's largest integrated private healthcare groups, before it became part of IHH.
Dr Jonathan Weiyan Seah - CEO and Executive Director
Dr Seah holds an MBA from Harvard Business School, and has more than 20 years of experience in clinical medicine, investment banking, private equity and general management. Dr Seah was previously the founding CEO of Parkway's China division - ParkwayHealth China, one of the largest operators of international medical centers in China. Before joining Parkway he was a medical doctor in Singapore, and an investment banker with Merrill Lynch in the USA.
Strategic Partnership with CMIH
The Company recently announced a HK$900 million share subscription by CMIH or its nominee, and that it has also separately entered into an MOU with CMIH to establish a joint venture fund management company. The proposed joint venture will create a fund to invest in healthcare, elderly care and related companies, including operators of clinics, check-up centres and hospitals in the Greater China region. The Board is excited about the strategic partnership and believes the share subscription will strengthen its capital base. Proceeds from the share subscription are to be used for the expansion and working capital of the Company's hospital, healthcare and elderly care businesses and to reduce debt.
Mr Laurence Liao, CEO of CMIH, said, "It has always been our intention to invest in quality companies with outstanding management within fast-growing sectors. It is one of CMIH's corporate strategies to invest to help facilitate the development of the Chinese economy, and the healthcare and elderly care sectors are among the most important areas. We are excited about our investment in the Company and working together with Dr Lim and Dr Seah, and look forward to tapping this large market together with them."
Dr Jonathan Seah, CEO of the Company, concluded, "We are delighted at this opportunity to bring together existing operating assets, an experienced management team, a strong strategic partner, and new financial resources, to develop an integrated platform for China's multi-billion dollar healthcare and elderly care market."
Enquiries:
Strategic Financial Relations Limited
Ingrid Cheng Tel:(852) 2864 4836 Email: ingrid.cheng@sprg.com.hk
Cindy Lung Tel:(852) 2864 4867 Email: cindy.lung@sprg.com.hk
Antonio Yu Tel:(852) 2114 4319 Email: antonio.yu@sprg.com.hk
www.sprg.asia
Topic: Press release summary
Sectors: Daily Finance, Daily News, Healthcare & Pharm
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
GA-ASI Flies MQ-9B With Pratt & Whitney Canada's PT6 E-Series Engine
July 19, 2024 23:00 HKT/SGT
|
|
|
Honda to Hold its Official e-Motorsports Event, "Honda Racing eMS 2024" 
Friday, July 19, 2024 7:04:00 PM
|
|
|
MHI America Acquires Three Utility-Scale Solar Power Projects in Pennsylvania, Advancing the Company's Energy Transition Strategy
Friday, July 19, 2024 6:04:00 PM
|
|
|
Countdown to the first ever Thai innovation and startup network expo 'SITE 2024' at SCI Power For Future Thailand
July 19, 2024 18:00 HKT/SGT
|
|
|
JCB and Worldline unveil a new whitepaper offering European merchants invaluable insights into facilitating seamless payments for international consumers
Friday, July 19, 2024 11:00:00 AM
|
|
|
Fujitsu Chosen to Help Solving Social Issues Caused by Fake News
Friday, July 19, 2024 10:30:00 AM
|
|
|
RD Technologies Joins the HKMA Stablecoin Issuer Sandbox
July 18, 2024 22:59 HKT/SGT
|
|
|
OWIS Students Win Big at 10th SASMO Competition
July 18, 2024 21:00 HKT/SGT
|
|
|
Champion REIT holds first 'ESG Week'
Thursday, July 18, 2024 7:14:00 PM
|
|
|
TAU Intelligence collaborates with Jardine Matheson and Intel to pioneer resource-efficient AI solutions
July 18, 2024 17:30 HKT/SGT
|
|
|
|
|
More Press release >> |
|
|
|
