Singapore Paincare buys 51% of TS Medical for S$578k, redeploys remaining IPO and placement funds into expansion
Summary:
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Singapore Paincare is acquiring 51% of TS Medical Pte. Ltd., which runs “Doctors for Life Medical” clinic in Singapore’s CBD, for a cash consideration of S$578,000, implying a 6.0x adjusted FY2024 P/E and valuing the target on an earnings basis.
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TS Medical reported FY2024 net profit before tax of S$248,778 and net tangible assets of S$680,261; the stake acquired corresponds to c.S$126,877 of profit and c.S$346,933 of NTA, with completion expected on or before 12 February 2026.
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The deal will be funded partly from the group’s July 2020 IPO and November 2020 placement proceeds (S$0.2m) reallocated from “expand range of pain care services” to “expand business operations locally and regionally”, with the balance from internal resources.
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Post-completion TS Medical becomes a 51%-owned subsidiary, and founder Dr Toh Lim Kai will stay on as a general practitioner under an employment agreement, supporting Singapore Paincare’s strategy to grow its primary care and pain ecosystem with a first presence in the downtown CBD.
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The transaction falls below Catalist Rule 1006 thresholds (3.47% of group net profit and 3.05% of market cap), is classified as a non-discloseable transaction, and is not expected to have any material impact on the group’s NTA per share or EPS for FY2026; no directors or controlling shareholders have interests other than via shareholdings.