Phoenix Healthcare (01515) said it agreed to acquire the controlling stakes in two subsidiaries of seller CITIC Medical & Heath Group Co., Ltd at no less than HK$1,240 million.
The consideration will be satisfied by the issue of at least 131 million consideration shares at HK$9.5 apiece, representing a discount of about 19% to the closing price of HK$11.78. The consideration shares represent around 9.15% of the enlarged issued share capital of Phoenix Healthcare.
The target companies are the sponsors and operators of Grade III hospitals with about 700 beds in operation.
Upon the acquisition, CITIC Medical & Heath, one of the largest state-owned enterprises in the medical and healthcare industry, will become a shareholder and strategic partner of the Phoenix Healthcare Group. Phoenix Healthcare is of the view that such cooperation would greatly streamline the resources of the Group and CITIC Group, which will further enhance the expansion and development of the Group's hospital network.
Phoenix Healthcare had applied for the resumption of trading in shares tomorrow morning.
03/05/2016 16:45
Phoenix Health to buy two hospital operators at HK$1.24bn
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