SG’s Thomson Medical Group completes property business spin-off

Thomson Medical Centre Facade.

Singapore’s Mainboard-listed Thomson Medical Group on Thursday announced that it has completed the spin-off of its real estate business, it said in a statement.

It had previously proposed to spin off its property business last November.

The medical group’s real estate businesses have been restructured under RSP Holdings and they cease to be subsidiaries of Thomson Medical Group.

A voluntary unconditional cash offer to acquire all the issued and paid-up ordinary shares in the capital of RSPH has been announced.

“With the divestment of the real estate business, Thomson Medical Group becomes one of Asia’s largest pure play healthcare companies and will be able to attract more investor interest and analyst coverage. The management of both companies can also better focus on their respective core businesses and strategies to maximise growth,” said Thomson Medical Group chairman Ng Ser Miang.

Following the restructuring exercise, deputy chairman and non-executive director Chan Lay Hoon with executive director and CEO, real estate, Tan Wee Tuck, have relinquished their positions. Executive director and senior managing director of RSP, Lai Huen Poh has also resigned from his position on the board.

Headquartered in Singapore, Thomson Medical Group also owns a majority stake in Bursa-listed and Malaysia-based TMC Life Sciences Bhd. Thomson Medical was acquired by Singapore-listed property developer Rowsley Ltd in early 2018 from controlling shareholder Peter Lim for a consideration of $1.18 billion in a deal to be paid mostly in stock.

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