BEIJING, March 27, 2015 /PRNewswire/ -- Concord Medical Services Holdings Limited ("Concord Medical" or the "Company") (NYSE: CCM), a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China, today announced the signing of a purchase agreement under which Concord Medical Services (International) Pte Ltd, a wholly owned subsidiary of the Company, agreed to acquire the Fortis Surgical Hospital from Fortis Healthcare International Pte Ltd, a subsidiary of Fortis Healthcare Ltd (Fortis). The acquisition will be a 100% cash transaction, for a consideration of SGD55 million (USD39.8 million*), and has been approved by the Boards of both parties. Concord Medical expects to close the deal on or about April 6th, 2015.
Fortis Surgical Hospital is a private facility in Singapore that is established in July 2012, currently with 31 bed patient capacity. Fortis Surgical Hospital (FSH) specializes in minimally invasive procedures and offers the full spectrum of clinical interventions including laparoscopic and robot-assisted surgeries. Close to 100 robot-assisted surgical procedures have so far been successfully performed at the hospital. The acquisition of Fortis Surgical Hospital (FSH) brings together the expertise of renowned surgeons in the delivery of advanced surgical procedures in colorectal, urology, gynecology, plastic and general Surgeries.
After the acquisition, CCM will start the application to Singapore's Ministry of Health (MOH) to change the FSH name into Singapore Concord Cancer Hospital, and to add more medical specialties (e.g. oncology, cardiology, respiratory, dermatology, renal medicine, endocrinology radiotherapy, and robot-assisted surgery).
"We are very pleased to welcome Singapore Concord Cancer Hospital to the CCM family," Dr. Jianyu Yang, Chairman and Chief Executive Officer of Concord Medical, commented. "After the completion of the acquisition, Singapore Concord Cancer Hospital will be integrated into CCM's hospital network and extension of oversees business. We plan to build Singapore Concord Cancer Hospital into a platform for high-end medical treatment institution that include academic research and cooperation for the Singapore patients as well as for patients coming from China, who currently are seeking overseas treatment."
"The acquisition is part of our high-end cancer hospital development strategy. Singapore Concord Cancer Hospital will be complementary with the hospitals we are currently building in Shanghai, Guangzhou, and Beijing. We will cooperate with the international top cancer hospital to provide treatment which is synchronous with the international latest technology at any time in this hospital, meeting the needs of high-end patients in Asia."
Note:
* Translation of Singapore dollar amount into U.S. dollar amount is made at a rate of SGD1.3823 to US$1.00, the effective noon buying rate as of March 20, 2015, as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
About Concord Medical
Concord Medical Services Holdings Limited is a leading specialty hospital management solution provider and operator of the largest network of radiotherapy and diagnostic imaging centers in China. As of December 31, 2014, the Company operated a network of 139 centers with 80 hospital partners that spanned 56 cities and 25 provinces and administrative regions in China. Under long-term arrangements with top-tier hospitals in China, The Company provides radiotherapy and diagnostic imaging equipment and manages the daily operations of these centers, which are located on the premises of its hospital partners. The Company also provides ongoing training to doctors and other medical professionals in its network of centers to ensure a high level of clinical care for patients. For more information, please see http://ir.concordmedical.com .
Concord Medical Services
Mr. Adam J. Sun (Chinese and English)
+86 10 5957 5266
adam.sun@concordmedical.com
Ms. Fang Liu (Chinese and English)
+86 10 5903 6688 (ext. 639)
fang.liu@concordmedical.com
ICR Inc.
In China:
Ms. Rene Jiang
+86 10 6583-7521
rene.jiang@icrinc.com
In the United States:
Mr. William Zima
+1 203-682-8233
William.Zima@icrinc.com
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