Singapore billionaire to buy 'majority of shares' in HCMC hospital

By Anh Tu   October 5, 2023 | 08:37 pm PT
Singapore billionaire to buy 'majority of shares' in HCMC hospital
American International Hospital is situated in HCMC’s Thu Duc City. Photo courtesy of AIH
Raffles Medical Group owned by Singaporean billionaire Loo Choon Yong will buy the "majority of shares" of the American International Hospital in Ho Chi Minh City.

To carry out the transaction, RMG has signed a strategic deal with a local partner, but has not disclosed details like how much stake it will buy and the value of the deal.

It merely said it would be "buying the majority of shares in AIH," and run the hospital.

The hospital, which opened in 2018 in Thu Duc City, has 120 beds and five operating rooms and 500 employees, including 60 doctors.

Savills Vietnam valued it at US$45.6 million for RMG in July.

The Singaporean firm plans to pay for the shares using internal resources.

It said the acquisition would enable it to increase its presence in Vietnam as demand for private healthcare increases. It is also part of its long-term strategy to diversify operations beyond Singapore and China.

Starting in 1976 with two clinics in Singapore, RMG now owns more than 100 medical facilities in 14 cities in Singapore, China, Japan, Vietnam, and Cambodia.

In Vietnam, it owns a facility each in HCMC, Hanoi and Vung Tau.

According to Forbes, Dr. Loo Choon Yong, chairman and co-founder of RMG, owns a fortune of some $1 billion and is among the 50 richest people in Singapore.

In July, Thomson Medical Group of Singapore acquired the Far East Medical Vietnam Limited Company (FEMV) for $381.4 million.

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