Odisha Samachar Odisha Breaking News , Odisha Current News , Odisha News
Led by Reciprocus Financial Services in Singapore
SINGAPORE – Media
OutReach – 14 April 2021 – A consortium of investors, led by Reciprocus Financial Services Pte
Ltd (RFS), acquired a 13% stake in CityClinic Asia Investments Pte Ltd (CCAI),
which holds a 100% foreign investor license for Vietnamese healthcare
operations and fully owns and runs three primary and specialist care clinics
under the “CarePlus” brand in Ho Chi Minh City, Vietnam. The investment
by RFS is held through Reciprocus Viethealth (Holding) Pte Ltd (RVH).
CCAI also appoints Mr David Emery, Founder of the Reciprocus Group of Boutique
Advisory Companies, to be a Director of the Board. A portion of the investment
has gone towards outfitting CarePlus’ new state-of-the-art medical hub in
Saigon’s District 1 which opened in October 2020. The remaining funds will be
used to add satellite clinics to the CarePlus network and to expand the
specialist verticals.
Mr Lim Thiam Kon, Co-Founder &
Chairman of CCAI, said: “We welcome RVH and its group of seasoned investors on
board and as part of the CCAI platform. The Vietnamese government is forward
looking and highly supportive of private providers to take on a more prominent
role in the healthcare service market, thus creating excellent
opportunities for private players to get involved. We are glad
that the investors see this need and opportunity which is in line with the
Founders’ vision to offer best-in-class quality healthcare services to the
vastly Vietnamese growing middle-class.”
The Consortium joins a group of existing shareholders, inclusive
SGX-listed Singapore Medical Group (SGX: 5OT) which had first invested in CCAI
in 2016. Thanks to SMG’s involvement, CarePlus clinic patients in Vietnam can have access to telemedicine
services to consult with SMG’s specialists throughout their treatment cycle,
thus being able to speak with the Group’s specialists in Singapore without
having to leave Vietnam.
David Emery, Founder of the
Reciprocus Group of boutique advisory companies said, “We have been impressed
with the structure of CCAI’s business and their Vietnam-based management team’s
execution capabilities. Our Consortium understands the opportunity in
Vietnam, where the number of hospital beds to population ratio presently is 2.9
per 1,000, while the number of physicians to population ratio stands at 0.8 per
1,000 which will undoubtedly grow significantly towards the OECD average
of 4.7 per 1,000 and 3.3 per 1,000 respectively.”
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