SG Dealbook: Rex ends pact with MEO Australia; TMC Life eyes strategic alliance with Thomson Medical

Image Credit: Flickr/Erwin Soo

Rex International has terminated a West Australian offshore license as it seeks to consolidate existing assets. On the other hand, Thomson Medical Centre and TMC Life Sciences are exploring a strategic partnership.

Rex International terminates Aussie license

Singapore-based oil and gas exploration technology provider Rex International, announced that its wholly owned subsidiary, Rex Bonaparte Gulf Pty Ltd, has terminated its agreement with MEO Australia Limited to acquire a 30 per cent participating interest in a Western Australia offshore licence.

Terminated for a cash compensation of $53,500 for the costs incurred by MEO in the negotiation process, Rex said, the move is aligned with a shift in corporate strategy targeted at reducing capital investments, as well as an increased focus on its key discovery assets in Oman and Norway.

Thomson Medical, TMC Life Sciences explore partnership

Hospital operator TMC Life Sciences Bhd is considering a collaboration with Singapore-based fraternal entity Thomson Medical Centre Ltd to grow the Malaysian group’s operations.

With Singapore billionaire Peter Lim Eng Hock a common major shareholder in both TMC and Thomson, TMC CEO Roy Quek Hong Sheng explains that there may be an exploration of synergies with Thomson. According to The Edge Markets, it reported that while Quek did not elaborate, he mentioned it as an option for aiding the growth of TMC Life Sciences at TMC’s AGM.

A synergy with Thomson is deemed crucial to expand TMC’s regional reach as the latter eyes medical tourism as an important business segment, given that Quek said TMC is targeting a 25 per cent revenue contribution from medical tourism in the 2016-2020 period. According to Quek, the existing contribution is insignificant.

Quek explained that with Malaysia attracting approximately 800,000 inbound medical tourists per annum, a number expected to grow, TMC is expanding its existing asset, Tropicana Medical Centre, in Kota Damansara, Selangor. It is also developing a new hospital in Johor Bahru, Iskandariah Hospital, to cater to growing demand.

Quek commented: “Following the expansion, the total beds at Tropicana Medical will rise to 600 from 200 currently. Iskandariah Hospital will provide a total of 500 beds, which mainly cater for domestic and regional patients, particularly, from Singapore and Indonesia.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.