Livingstone Health acquires 49% stake in Phoenix Medical Group amid reorganisation

It acquired the remaining stake for $1.6m.

SGX-listed Livingstone Health Holdings Limited (LSH) undertook an internal reorganisation exercise of Phoenix Medical Group (PMG),  its primary healthcare subsidiary.

Livingstone owns 51% of PMG, whilst Dr Lee Kai Lun (LKL), Dr Chua Hshan Cher (CHC), and Dr Foong Ching Ching, Angela (FCC), the counterparties, hold the remaining stake.

Livingstone and its counterparties will form a new company, Phoenix Healthcare Solutions (PHS), with a 51%-49% ownership structure as part of the internal reorganisation.

Once PHS is incorporated, PMG will transfer 70% of PMG Novena, 100% of PMG Thomson, and 100% of Ardennes to PHS for S$1.00 under a share transfer agreement.

After completing the internal reorganisation, LSH will acquire the 49% stake in PMG held by counterparties for $1.6m.