\n<\/p>\n
\n Led by Reciprocus Financial Services in Singapore <\/p>\n
SINGAPORE\u00a0<\/span>–\u00a0Media
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Mr Lim Thiam Kon, Co-Founder &
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The Consortium joins a group of existing shareholders, inclusive
\u00a0<\/p>\n
David Emery, Founder of the
\nOutReach<\/a>\u00a0–\u00a014 April 2021 –\u00a0<\/span> A consortium of investors, led by Reciprocus Financial Services Pte
\nLtd (RFS)<\/a>, acquired a 13% stake in CityClinic Asia Investments Pte Ltd (CCAI)<\/a>,
\nwhich holds a 100% foreign investor license for Vietnamese healthcare
\noperations and fully owns and runs three primary and specialist care clinics
\nunder the “CarePlus” brand in Ho Chi Minh City, Vietnam.\u00a0 The investment
\nby RFS is held through Reciprocus Viethealth (Holding) Pte Ltd (RVH).\u00a0
\nCCAI also appoints Mr David Emery, Founder of the Reciprocus Group of Boutique
\nAdvisory Companies, to be a Director of the Board. A portion of the investment
\nhas gone towards outfitting CarePlus’ new state-of-the-art medical hub in
\nSaigon’s District 1 which opened in October 2020. The remaining funds will be
\nused to add satellite clinics to the CarePlus network and to expand the
\nspecialist verticals.<\/p>\n
\n
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\n
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\nChairman of CCAI, said: “We welcome RVH and its group of seasoned investors on
\nboard and as part of the CCAI platform. The Vietnamese government is forward
\nlooking and highly supportive of private providers to take on a more prominent
\nrole in the healthcare service market, thus creating excellent
\nopportunities\u00a0for private players to get involved.\u00a0\u00a0We are glad
\nthat the investors see this need and opportunity which is in line with the
\nFounders’ vision to offer best-in-class quality healthcare services to the
\nvastly Vietnamese growing middle-class.”<\/p>\n
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\n
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\nSGX-listed Singapore Medical Group (SGX: 5OT) which had first invested in CCAI
\nin 2016. Thanks to SMG’s involvement, CarePlus clinic patients in Vietnam can have access to telemedicine
\nservices to consult with SMG’s specialists throughout their treatment cycle,
\nthus being able to speak with the Group’s specialists in Singapore without
\nhaving to leave Vietnam.<\/p>\n
\n
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\n
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\nReciprocus Group of boutique advisory companies said, “We have been impressed
\nwith the structure of CCAI’s business and their Vietnam-based management team’s
\nexecution capabilities.\u00a0 Our Consortium understands the opportunity in
\nVietnam, where the number of hospital beds to population ratio presently is 2.9
\nper 1,000, while the number of physicians to population ratio stands at 0.8 per
\n1,000 which will undoubtedly grow significantly\u00a0towards the OECD average
\nof 4.7 per 1,000 and 3.3 per 1,000 respectively.”<\/p>\n
\n
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