LYC completes acquisitions of T&T Medical, HC Orthopaedic

KUALA LUMPUR: LYC Healthcare Bhd has completed its acquisition of the remaining 49% stake in Singapore specialist clinics, T&T Medical Group Pte Ltd (T&T) and HC Orthopaedic Surgery Pte Ltd (HCOS) respectively.

T&T and HCOS provide general and specialised medical services, particularly in the chronic disease and osteoporosis segments.

In a statement, LYC said the acquisitions were completed on Oct 10, 2022, via its wholly-owned subsidiary, LYC Medicare (Singapore) Pte Ltd (LYC Medicare SG).

Managing director and group chief executive officer David Sui Diong Hoe said: “The completion of these acquisitions brings us one step closer in achieving our aim to list LYC Medicare SG on the Catalist board of the Singapore Exchange (SGX). Preparation work with our advisors is progressing well and we hope to complete the listing exercise early next year.”

“Leveraging on T&T’s and HCOS’s expertise and experience in the medical field, we believe we can attract more customers by enlarging our business presence across new locations, improving our facilities and generating more referrals from hospitals and other doctors,” he said.

LYC said it had positively benefitted from consolidating the financial results of T&T and HCOS from December 2020 onwards.

Both companies contributed a cumulative revenue and profit after tax (PAT) of RM34.1mil and RM8.3mil respectively for the financial year ended March 31, 2022 LYC.

With the completion of acquisitions of the remaining 49% stake, LYC Medicare SG will now be able to fully recognise T&T and HCOS financial results, and benefit from increasing its PAT attributable to owners of the company.