On Sept 3, 2024, HCSS acquired the remaining 49% of the total issued and paid-up share capital of its subsidiary, GMH Endoscopy & Surgery for a cash consideration of $636,000.
Based on the audited accounts of GMH as at 31 May 2024, the net asset value of the shares acquired was negative $66,000.
On Oct 30, 2024, HCSS acquired the remaining 20% of the total issued and paid-up share capital of its subsidiary, HC (Ming) for a cash consideration of $2.
Based on the audited accounts of HCMC as at May 31, 2024, the net asset value of the shares acquired was negative $55,000.
See also: UOL Group’s subsidiary prices $225 mil notes at 2.78% for institutional and accredited investors
HCSS also acquired an additional 45% of the total issued and paid up share capital of Medistar Services on Sept 16, 2024, the company’s former associate, in connection with the exercise of the forward purchase contract.
The cash consideration for the additional acquisition amounted to approximately $89,000. Following the acquisition, MDS became a 70% owned subsidiary of HCSS.
Based on the audited accounts of MDS as at May 31, 2024, the net asset value of the shares acquired was $42,000.
Units in HC Surgical Specialists closed flat at 29 cents on Jan 14.
