JCG Investment (formerly China Medical International) has entered into sale and purchase agreements with the shareholders of a group of companies constituting the Beverly Wilshire Medical Centre Group to acquire a 51% in the group.

AngKokHuan5.19Ang Kok Huan, 49, was appointed CEO of JCG on 31 Dec 2018. Prior to that, he was Deputy Head & Portfolio Manager, Managed Accounts Department, Phillip Securities. NextInsight photoThe total consideration: up to RM 15,300,000 (or approximately S$5,100,000), subject to a minimum of RM 13,770,000.

Malaysia-based Beverly Wilshire Medical Centre Group specialises in medical aesthetic treatments, healthy ageing wellness and regenerative therapies, cosmetic surgery, dental aesthetics and hair restoration.


JCG group5.19Seated (L-R): Ang Kok Huan, Interim Chairman and CEO of JCG | Dato' Francis Ng Tian Sang @ Ng Kek Chuan, Chairman of Beverly Wilshire Medical Centre
Standing: (3rd from left) Violet Seah Sin Yuen, CFO of JCG | (4th from left) Howard Ng How Er, Executive Director of Beverly Wilshire Medical Centre. Photo: Company


BeverlyWilshire webBeverly Wilshire operates out of Menara Landmark in Johor (above) and in KL and Petaling Jaya. Established in 2012, Beverly Wilshire manages and operates 2 fully-licensed medical centres and 2 licenced clinics. Photo: Company



The acquisition shall be fully paid via the issuance of up to 2.55 billion (subject to a minimum of 2.295 billion) new ordinary shares at 0.2 Singapore cent per share and the issuance of 180,000,000 new unlisted warrants exercisable into 180,000,000 new ordinary JCG shares at an exercise price of 0.2 Singapore cent per warrant.

The issue price represents the volume weighted average price of 0.2 Singapore cent for each share, based on the trades done on the Catalist Board of the SGX-ST on 15 May 2019, being the market day prior to the date of the agreements. 

JCG stock price 

0.2 c

52-week range

0.1 – 0.4 c

Market cap

S$25 m

PE (ttm)

--

Dividend yield 

--

Shares outstanding

12.5 b

Source: Yahoo!

Mr Ang Kok Huan, Interim Executive Chairman and CEO of JCG , commented, “This acquisition of Beverly Wilshire Medical Centre Group is part of JCG’s overall strategic plan to rebuild our Health Business. We have always believed that the Company has the potential to expand its medical aesthetics and healthcare business as the medical aesthetics and healthcare businesses remains an industry segment in Greater China and South East Asia with strong growth potential.

JCG FrancisNg5.19Chairman of Beverly Wilshire Medical Centre Dato Francis Ng Tian Sang: At the completion of the Beverly Wilshire acquisition, he will become Non-Executive Chairman of JCG. He has also committed to subscribe for a private placement of up to S$1 million into JCG. His son, Howard Ng How Er, will be appointed as an executive director of JCG upon completion of the acquisition. NextInsight photo.

"With Beverly Wilshire, JCG will cement our efforts to expand and build our businesses in Singapore, Malaysia and China. Beverly Wilshire is a highly regarded and recognised brand in Malaysia and the region. Dato’ Ng Tian Sang @ Ng Kek Chuan and his team bring to JCG a strong partner as we forge ahead to rebuild and rejuvenate ourselves and our businesses. We at JCG are thankful for the support of our shareholders and we endeavour to build a portfolio of businesses that is well-positioned to create and enhance shareholder value.” 


Dato’ Ng Tian Sang @ Ng Kek Chuan, Chairman of Beverly Wilshire Group, added, “The demand for high-end medical services and medical aesthetics in general is expected to continue to grow with the increasing affluence in Malaysia and the South East Asia region. The partnership between JCG and Beverly Wilshire will bring together an established medical aesthetic brand and an enterprising group with significant marketing and business network that will allow us to expand beyond the shores of Singapore and Malaysia. I am confident that JCG-Beverly Wilshire combination will put the Company on a new growth trajectory and bring our shareholders and business partners on a beautiful journey ahead. I am happy to be on board.”

♦ As at 31 December 2018 and assuming that all the Target Entities Shareholders’ Loans are converted to equity in each of the Target Entities, the book value and net tangible assets (“NTA”) of the Sale Shares will be RM 2,650,000.

♦ Based on an indicative valuation conducted by Cushman & Wakefield, the equity value, based on International Valuation Standards, of the Sale Shares is between RM 13,022,000 and RM 14,661,000.


For more info on ...
• JCG's acquisition of Beverly Wilshire, click here
• Upcoming placement to Dato Ng, click here
• JCG's corporate restructuring exercise, as announced in 2018, click here

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