Singapore Medical Group on Thursday said it acquired a paediatric clinic, babies and Children Specialist Clinic Pte. for S$7.9 million.
The latest acquisition expands Singapore Medical Group's portfolio of clinics to 36, it said in a statement.
It also brings on-board a subspecialty focus on neonatology that targets newborn infants, particularly the ill or premature, the company said.
The Group will also have a consultancy agreement of at least a five-year tenure with the renowned senior neonatologist where efforts would be committed to grow the Group's paediatric practice, identify and mentor talented paediatricians.
The acquisition is earnings accretive and will be funded via the issuance of 6,336,221 new shares at S$0.62/share and S$3.95 million in cash over three tranches.
The net profit after tax for latest completed financial year was about S$1.0 million.
Shares in the company were unchanged at S$0.625 on the Singapore Exchange. The stock has gained 44 percent so far this year.
