Singapore Medical to receive $4.5m from Kendall Court

SMG said on Friday in a statement to the Singapore Exchange that the board has agreed to  issue 25.5 million cumulative redeemable convertible preference shares to Kendall Court at SGD0.219 each. The deal is subject to shareholder approval.

Upon full conversion, Kendall Court will hold a 14.9% stake in the company. The fund will be used for SMG's expansion into China by the way of and using Singapore Medical Group (HK) Limited, an indirect wholly-owned subsidiary of SMG. The company is seeking to open its first flagship eye surgery centre next month in Beijing, to be followed by 19 more centres all over China.

"We hope this represents the first of many opportunities in future, especially in other Asian countries," said Chris Chia, managing partner of Kendall Court.

Felix Huang, executive chairman of SMG, said: "We consider Kendall Court a strategic partner and believe that Kendall Court's experience will be an asset tot the company in the expansion of our business operation in China and the region." 

Kendall Court, which launched its first fund in 2004, mainly targets Southeast Asia and has offices in Singapore, Kuala Lumpur and Jakarta. The firm currently manages $300 million in assets.

In 2009, Kendall Court targeted $150 million for its second Southeast Asia-focused mezzanine fund. The vehicle focuses on mezzanine, growth capital and buyouts in small to medium enterprises. UK government-backed emerging markets fund-of-funds CDC committed $30 million to the fund.

 

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• Topics
• Southeast Asia
• Investments
• Healthcare
• Mezzanine
• Mezzanine
• Southeast Asia
• healthcare
• Growth capital