Accrelist to acquire 51% stake in four medical aesthetic clinics for $550,000

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SINGAPORE – Catalist-listed Accrelist will acquire a 51 per cent stake in four medical aesthetic clinics for $550,000, it said on Tuesday.

Accrelist, which has businesses in skincare products, medical aesthetics and electronics solutions, will acquire 102,000 shares in SJY Medical, which operates the four clinics at Novena Medical Centre, Nex Serangoon, Jurong Point and SingPost Centre.

The book value of the sale shares is at $358,507 for the period from Aug 1, 2022 to March 31, 2023.

Assuming the deal was completed on March 31, 2023, Accrelist estimates its loss per share to narrow to 4.13 cents from 4.19 cents, based on pro forma estimates.

Meanwhile, its net tangible assets per share will rise to 10.13 cents from 9.84 cents.

When the deal is completed, SJY Medical will become an Accrelist subsidiary.

Its four clinics will be rebranded under Accrelist Medical Aesthetics (AM Aesthetics) while retaining the existing doctors.

Accrelist executive chairman and managing director Terence Tea said: “We remain confident in AM Aesthetics’ long-term prospects amid an ageing population with rising affluence and growing acceptance of minimally invasive procedures.”

He added that AM Aesthetics will continue to seek growth opportunities across the region.

AM Aesthetics operates a chain of medical aesthetic clinics – nine in Singapore and one in Malaysia.

It will open two more in Northpoint City and VivoCity later in the year, Accrelist said.

There are plans to branch out to Bangkok and Kuala Lumpur.

Accrelist also holds a 53.31 per cent controlling stake in Catalist-listed Jubilee Industries. Jubilee said on March 23 that it would sell its remaining 86 per cent stake in its electronics business unit for US$15.9 million (S$21.2 million) in cash. THE BUSINESS TIMES

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