Dymon pursues take-private of Singapore healthcare business

Working in conjunction with several existing investors and management team members, the private equity firm is willing to buy all outstanding shares for SGD 0.295 apiece, according to a filing. This represents an 18% premium to the March 4 closing price. Singapore O&G’s stock – which trades on the Catalist board – jumped to SGD 0.30 when it resumed trading on March 9.

Dymon Asia is currently deploying its second fund, which closed on USD 450m in 2018 and targets mid-market companies in Southeast Asia.

Established in 2011 by two medical doctors, Keen Whye Lee and Tung Lan Heng, the company specialises in obstetrics and gynaecology (O&G) services, such as pre-pregnancy counselling, delivery, pregnancy, and post-delivery care. These services – which account for more than half of revenue – are delivered through seven clinics located in Singapore.

Singapore O&G subsequently expanded into paediatrics, cancer treatments, and dermatology, opening nine more clinics for these speciality areas.

Lee and Heng, plus Suan Tiong Beh, the company’s executive chairman, are among those participating in the buyer consortium. Together, they control more than half the total shares.

Singapore O&G generated SGD 39.9m in revenue in 2020, up from SGD 39.8m the previous year. Revenue has grown by one third since the paediatrics business was launched in 2017. The revenue contributions from paediatrics, cancer treatments, and dermatology were 12.4%, 15%, and 16.8% in 2020. The remaining 55.8% came from O&G.

Net profit reached SGD 9.49m in 2020, compared to a loss of SDG 1.13m the previous year.

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• Topics
• Southeast Asia
• Healthcare
• Buyouts
• Singapore
• Dymon Asia