EC Healthcare's Disposes Stake in Subsidiary for HK$438 Million, Agrees to Service Provision for 3 Years

MT Newswires Live11-07

EC Healthcare (HKG:2138) subsidiary Jade Master International agreed to sell its entire 51% stake in New Medical Centre Holding to AIA Hong Kong Medical Services for HK$437.6 million, a Wednesday Hong Kong bourse filing said.

Another subsidiary of the company, Union Advanced Imaging Holding will transfer its shares in Hong Kong Medical Advanced Imaging (TST) to the target company for HK$3.81 million.

The target company will also transfer 5.1% and 4.9% of Hong Kong Medical Advanced Imaging to Union Advanced Imaging Holding and Ma Chi Min Effinie at zero consideration.

After the transfers, the target group will hold 100% of the issued shares in Hong Kong Medical Advanced Imaging (TST) while having no interest in Hong Kong Medical Advanced Imaging, and will cease to be a subsidiary of the company.

The company plans to use the net proceeds of HK$436 million from the transactions for its general working capital.

The company also agreed to provide certain operational management services including radiologist, customer, human resources, marketing and referral, IT and imaging equipment, finance, operational and procurement services to Hong Kong Medical Advanced Imaging (TST) for a period of three years.

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