Rowsley Ltd (ROWS.SI), a Singaporean real estate firm, said it planned to buy healthcare assets from its controlling shareholder for up to S$1.9 billion ($1.4 billion) to help diversify its portfolio.
Rowsley signed a non-binding term sheet to buy 100 percent of Singapore hospital operator Thomson Medical Pte Ltd and a 70.36 percent stake in Malaysia’s TMC Life Sciences Berhad (TMCN.KL) from Lim Eng Hock.
Lim indirectly owns a 45.34 percent stake in Rowsley.
The proposed deal will be financed by issuing new shares of S$0.075 apiece, the company said in a statement on Tuesday.
Trading in Rowsley’s shares, which have a market capitalization of about $253 million, has been halted since Monday. The stock last traded at S$0.073.
Source: Reuters.com