Boustead Singapore To Acquire Asia-Focused Healthcare Business

Boustead Singapore (Boustead) has entered into a sale and purchase agreement with WhiteRock Medical Company (WhiteRock MedCo) to acquire 100 percent of the shareholding of WhiteRock Incorporation (WRI), comprising a group of 16 healthcare corporations operating in Singapore, China, Hong Kong, Malaysia and Thailand.

Boustead has agreed to an acquisition price of $19 million, which is approximately equivalent to the adjusted unaudited net asset value of WRI as presented by WhiteRock MedCo at the end of FY17. The acquisition price will be paid in cash and financed from Boustead’s internal cash resources.

The group believes that the acquisition is at a reasonable valuation for the healthcare industry and that WRI has an effective healthcare product distribution network, which can be expanded to strengthen its position as a niche healthcare solutions provider. WRI’s focus in three primary high growth areas, will help to fill an underserved gap in the market, especially in relation to sizeable ageing populations across Asia; and WRI will benefit from Boustead’s financial position, thereby providing it with the necessary financial support to achieve rapid growth and execute on strategic expansion plans across Asia.