Livingstone Health unit to acquire Wellington Pte. Ltd. for $1.33m

The acquisition involves $679k upfront and profit-based earn-outs.

Phoenix Medical Group Pte. Ltd., a subsidiary of Livingstone Health Holdings Limited, has entered into a share sale and purchase agreement to acquire 100% of Wellington Pte. Ltd. for an aggregate consideration of $1.33m in cash.

The agreement was signed with vendors Ng Wei Seng and Tang Sau Kuay @ Tang Li Wah, according to a bourse filing dated 19 February.

Wellington operates the London (MH) Clinic & Surgery, a general practice clinic located at 104 Hougang Avenue 1. The company has an issued and paid-up capital of $1,000 comprising 1,000 ordinary shares.

The consideration will be paid in stages. $679,000 will be paid in cash upon completion, alongside $20,000 to reimburse minimum bank balances maintained before completion.

A further $81,000 will be paid based on the actual collection of certain trade receivables relating to government healthcare programmes.

An additional $200,000 will be payable if Wellington achieves an audited net profit after tax of at least $300,000 for the operating year from 1 March to 28 February 2027.

Another $200,000 will be payable if the same profit threshold is met for the operating year ending 29 February 2028, and $150,000 will be payable in cash upon receipt of a new clinic licence within 30 months from completion.

The acquisition will be funded through the group’s internal resources and bank borrowings.

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