Peter Lim goes from soccer to scalpels

Prominent investor launches general offer for Thomson Medical Centre at $1.75 a share, valuing the obstetrics and gynae services provider at about $513 million

FRESH from his foray into the soccer business, Singapore’s high-profile investor Peter Lim is now looking to find the back of the net with an investment of a different sort.

Once dubbed the ‘remisier king’, Mr Lim appears to be beefing up his investment portfolio with healthcare assets in a serious way.

Mr Lim yesterday offered to buy the rest of Thomson Medical Centre’s shares which he does not own, following his acquisition of a 39.34 per cent stake in the obstetrics and gynaecology (O&G) services provider.

The offer, at $1.75 per share, represents a 62 per cent premium over Thomson Medical’s last traded price of $1.08, and values the company at about $513 million. It is also the highest price the company’s shares have ever been valued at since its listing in 2005.

The general offer was triggered by a married deal between Sasteria Pte Ltd, an investment holding company wholly owned by Mr Lim, and the founding Cheng family. Dr Cheng Wei Chen, who is known for delivering Singapore’s first triplets by in-vitro fertilisation, set up Thomson Medical more than 30 years ago. It was then largely a maternity hospital but has since grown to include paediatric, fertility, cancer and aesthetics services, as well as traditional Chinese medicine. It also operates seven O&G clinics across the island.

Explaining the rationale for the move, Mr Lim said in a statement: ‘Thomson Medical is a leading healthcare service provider in Singapore for obstetrics, gynaecology and paediatric services. Given the growing population and affluence in the region, there will be increasing demand for private healthcare services.

‘Singapore is a regional hub for such services and Thomson Medical is well-placed to tap on this demand. We believe it has potential to develop further as a regional healthcare company.’

The cash offer is conditional on Sasteria acquiring more than 50 per cent of Thomson Medical.

BT understands that Thomson Medical had been approached by other suitors before, being one of a handful of private healthcare providers here. On Tuesday, the group had announced full-year net profit of $15.88 million, 24.2 per cent higher than a year ago. For the 12 months ended August, revenue rose 21.2 per cent to $81.67 million.

According to previous media reports, Mr Lim, 57, also owns a 29.6 per cent interest in Malaysia’s TMC Life Sciences, a healthcare services provider specialising in fertility treatment, stem cell banking and stem cell therapy.

The stake, which was bought in August for an undisclosed sum, makes him the second-largest shareholder in TMC Life Sciences. TMC Life Sciences also runs a 180-bed hospital in Petaling Jaya.

A few months ago, Mr Lim raised his stake in Healthway Medical Corp to over 7 per cent. Although he has since sold down that interest, he still owns about 4.8 per cent in the primary healthcare chain.

Mr Lim is ranked Singapore’s eighth richest man by Forbes Asia with a net worth of US$1.6 billion. Mr Lim, who made his fortune in the stock market, has varied investments in sectors such as agribusiness, education, fashion, logistics, and F&B. The publicly-known holdings in his portfolio include Wilmar International, Global Logistic Properties, FJ Benjamin Holdings and Informatics Education.

A few weeks ago, Mr Lim also made headlines by launching a £300 million (S$622 million) bid for Liverpool Football Club. Although that deal did not go through, the prospect of a Singaporean-owned English football club generated excitement among local fans.

PRIVATE INVESTOR PETER LIM MAKES GENERAL OFFER FOR THOMSON MEDICAL CENTRE LIMITED

Offer at $1.75 a share triggered by deal to buy Cheng family’s controlling stake Offer values Thomson Medical Centre at approximately $513 million

29 October 2010, Singapore – Sasteria Pte Ltd, an investment holding company controlled by private investor Peter Lim, today said it is making a mandatory conditional cash offer for SGX mainboard-listed Thomson Medical Centre Limited (Thomson Medical).

The mandatory conditional offer is triggered by a married deal between Sasteria and the largest shareholder and founder of Thomson Medical, Dr Cheng Wei Chen and his family. Under the deal, the latter sold their 39.34% stake in Thomson Medical to the former at the offer price of S$1.75 a share.

Under the Singapore Code on Takeovers and Mergers, the cash offer will be extended to the remaining issued shares and is conditional on Sasteria acquiring more than 50% of Thomson Medical.

The offer price of $1.75 represents a 62% premium over the last traded price of Thomson Medical, and values the company at approximately $513 million. It is also the highest share price the company has ever been valued at since it went public in 2005.

Mr Peter Lim said: “Thomson Medical is a leading healthcare service provider in Singapore for obstetrics, gynaecology and paediatric services. Given the growing population and affluence in the region, there will be increasing demand for private healthcare services. Singapore is a regional hub for such services  and Thomson Medical is well-placed to tap on this demand. We believe it has potential to develop further as a regional healthcare company.”

PRIVATE INVESTOR PETER LIM MAKES GENERAL OFFER FOR THOMSON MEDICAL CENTRE LIMITED

Offer at $1.75 a share triggered by deal to buy Cheng family’s controlling stake Offer values Thomson Medical Centre at approximately $513 million

29 October 2010, Singapore – Sasteria Pte Ltd, an investment holding company controlled by private investor Peter Lim, today said it is making a mandatory conditional cash offer for SGX mainboard-listed Thomson Medical Centre Limited (Thomson Medical).

The mandatory conditional offer is triggered by a married deal between Sasteria and the largest shareholder and founder of Thomson Medical, Dr Cheng Wei Chen and his family. Under the deal, the latter sold their 39.34% stake in Thomson Medical to the former at the offer price of S$1.75 a share.

Under the Singapore Code on Takeovers and Mergers, the cash offer will be extended to the remaining issued shares and is conditional on Sasteria acquiring more than 50% of Thomson Medical.

The offer price of $1.75 represents a 62% premium over the last traded price of Thomson Medical, and values the company at approximately $513 million. It is also the highest share price the company has ever been valued at since it went public in 2005.

Mr Peter Lim said: “Thomson Medical is a leading healthcare service provider in Singapore for obstetrics, gynaecology and paediatric services. Given the growing population and affluence in the region, there will be increasing demand for private healthcare services. Singapore is a regional hub for such services  and Thomson Medical is well-placed to tap on this demand. We believe it has potential to develop further as a regional healthcare company.”

Thomson Medical posts 18.5% profit jump for Q4

For the year, net profit rises 24.2% to $15.88m; revenue jumps by 21.2%

THOMSON Medical Centre, which provides health care for women and children, saw net profit rise 18.5 per cent year-on-year to $4.04 million for the fourth quarter ended Aug 31, 2010.

Revenue for the quarter rose by 23.3 per cent to $22.19 million on the back of strong performances by both its hospital operations and ancillary services as well as its specialised and other services division, which grew by 11 per cent and 60.5 per cent respectively. Specialised and other services jumped from $4.51 million to $7.24 million due to increased patient loads in the Thomson Women’s Clinics (TWC) and Thomson Women Cancer Centre (TWCC) as well as the contribution from new business, Thomson Paediatric Centre (TPC).

Earnings per share climbed to 1.51 cents in Q410, versus 1.17 cents in Q409.

For the full year, net profit was 24.2 per cent higher at $15.88 million while revenue increased by 21.2 per cent to $81.67 million.

In FY10, the group handled 9,268 deliveries in its hospital, up 4.1 per cent from FY09, while its operating theatres saw 7,482 cases, which represents a 3.2 per cent increase.

Meanwhile, the group’s consultancy and management project in Binh Duong Province in Vietnam, the Hanh Phuc International Women and Children Hospital, will begin operations next month.

However, Thomson Medical’s hospital operations segment is still likely to remain the largest revenue contributing segment for the next three to five years.

The group is also presently looking at potential sites for a second hospital in Hanoi, Vietnam.

Cheng Shao Shiong @ Bertie Cheng, a non-executive director on Thomson Medical’s board and Allan Yeo, group chief executive, have been appointed directors to Hanh Phuc Hospital’s board.

‘We are always looking for suitable opportunities to expand though our main focus is to build up our presence in Vietnam,’ Mr Yeo said, adding that it is interested in fast developing countries which have high birth rates and which lack the necessary healthcare infrastructure. ‘Our strategy in approaching every new market is to find a business partner who can value-add to the collaboration.’

At home, the group will grow by increasing its distribution channels and widening its network of satellite clinics, as well as sourcing for new technologies to improve its services.

However, it has, for now, put on hold plans to have another two operating theatres, with work expected to commence in 2Q11 instead.

The directors are recommending a final dividend of two cents per share, payable 7 January 2011. They are also recommending a bonus issue on the basis of one bonus share for every 10 existing shares held by the shareholders – subject to the approval of the Singapore Exchange Securities Trading and the approval by shareholders at the upcoming Annual General Meeting.

Shares in Thomson Medical closed at $1.01 in trading yesterday, unchanged.

Thomson Medical posts 18.5% profit jump for Q4

For the year, net profit rises 24.2% to $15.88m; revenue jumps by 21.2%

THOMSON Medical Centre, which provides health care for women and children, saw net profit rise 18.5 per cent year-on-year to $4.04 million for the fourth quarter ended Aug 31, 2010.

Revenue for the quarter rose by 23.3 per cent to $22.19 million on the back of strong performances by both its hospital operations and ancillary services as well as its specialised and other services division, which grew by 11 per cent and 60.5 per cent respectively. Specialised and other services jumped from $4.51 million to $7.24 million due to increased patient loads in the Thomson Women’s Clinics (TWC) and Thomson Women Cancer Centre (TWCC) as well as the contribution from new business, Thomson Paediatric Centre (TPC).

Earnings per share climbed to 1.51 cents in Q410, versus 1.17 cents in Q409.

For the full year, net profit was 24.2 per cent higher at $15.88 million while revenue increased by 21.2 per cent to $81.67 million.

In FY10, the group handled 9,268 deliveries in its hospital, up 4.1 per cent from FY09, while its operating theatres saw 7,482 cases, which represents a 3.2 per cent increase.

Meanwhile, the group’s consultancy and management project in Binh Duong Province in Vietnam, the Hanh Phuc International Women and Children Hospital, will begin operations next month.

However, Thomson Medical’s hospital operations segment is still likely to remain the largest revenue contributing segment for the next three to five years.

The group is also presently looking at potential sites for a second hospital in Hanoi, Vietnam.

Cheng Shao Shiong @ Bertie Cheng, a non-executive director on Thomson Medical’s board and Allan Yeo, group chief executive, have been appointed directors to Hanh Phuc Hospital’s board.

‘We are always looking for suitable opportunities to expand though our main focus is to build up our presence in Vietnam,’ Mr Yeo said, adding that it is interested in fast developing countries which have high birth rates and which lack the necessary healthcare infrastructure. ‘Our strategy in approaching every new market is to find a business partner who can value-add to the collaboration.’

At home, the group will grow by increasing its distribution channels and widening its network of satellite clinics, as well as sourcing for new technologies to improve its services.

However, it has, for now, put on hold plans to have another two operating theatres, with work expected to commence in 2Q11 instead.

The directors are recommending a final dividend of two cents per share, payable 7 January 2011. They are also recommending a bonus issue on the basis of one bonus share for every 10 existing shares held by the shareholders – subject to the approval of the Singapore Exchange Securities Trading and the approval by shareholders at the upcoming Annual General Meeting.

Shares in Thomson Medical closed at $1.01 in trading yesterday, unchanged.