SINGAPORE: JCG Investment Holdings Ltd. has entered into sale and purchase agreements with the shareholders of a group of companies constituting the Beverly Wilshire Medical Centre Group on 16 May 2019 to acquire 51% of the issued and paid up ordinary shares in the capital of such companies for a total consideration of up to RM 15.3 million subject to a minimum of RM 13.77 million.[the_ad id=”31605″]Beverly Wilshire Medical Centre Group is constituted by a group of Malaysia-incorporated companies specialising in medical aesthetic treatments, healthy ageing wellness and regenerative therapies, cosmetic surgery, dental aesthetics and hair restoration.
It is a multi-award-winning integrated beauty care and medical aesthetics group established in 2012. Beverly Wilshire Group manages and operates two fully-licensed Ministry of Health of Malaysia medical centres and two licenced clinics.
The Target recently incorporated the Beverly Wilshire Medical Academy and Research Centre (BWARC) with a focus on medical research and anti-aging therapy. The acquisition shall be fully paid via the issuance of up to 2.55 billion new ordinary shares at the issue price of S$0.002 per share and the issuance of 180 million new unlisted warrants exercisable into 180 million new ordinary shares in the Company at an exercise price of S$0.002 per warrant.
The issue price represents the volume weighted average price (VWAP) of S$0.002 for each Share, based on the trades done on the Shares on the Catalist Board of the SGX-ST on 15 May 2019, being the market day prior to the date of the Agreements. At the completion of this acquisition, Dato’ Ng Tian Sang Chairman of Beverly Wilshire Medical Centre will be invited to be, and appointed as, Non-Executive Chairman of JCG.
To further undergird his confidence and commitment in this strategic partnership, Dato’ Ng Tian Sang has also committed to subscribe for a private placement of up to S$1 million into JCG.
Ang Kok Huan, Interim Executive Chairman and CEO of JCG , commented, “This acquisition of Beverly Wilshire Medical Centre Group is part of JCG’s overall strategic plan to rebuild our Health Business. We have always believed that the Company has the potential to expand its medical aesthetics and healthcare business as the medical aesthetics and healthcare businesses remains an industry segment in Greater China and South East Asia with strong growth potential. With Beverly Wilshire, JCG will cement our efforts to expand and build our businesses in Singapore, Malaysia and China. Beverly Wilshire is a highly regarded and recognised brand in Malaysia and the region. Dato’ Ng Tian Sang @ Ng Kek Chuan and his team bring to JCG a strong partner as we forge ahead to rebuild and rejuvenate ourselves and our businesses. We at JCG are thankful for the support of our shareholders and we endeavour to build a portfolio of businesses that is well-positioned to create and enhance shareholder value.”
Dato’ Ng Tian Sang @ Ng Kek Chuan, Chairman of Beverly Wilshire Group added, “The demand for high-end medical services and medical aesthetics in general is expected to continue to grow with the increasing affluence in Malaysia and the South East Asia region. The partnership between JCG and Beverly Wilshire will bring together an established medical aesthetic brand and an enterprising group with significant marketing and business network that will allow us to expand beyond the shores of Singapore and Malaysia. I am confident that JCG-Beverly Wilshire combination will put the Company on a new growth trajectory and bring our shareholders and business partners on a beautiful journey ahead. I am happy to be on board.”