HC Surgical Specialists’ subsidiary enters into tenancy agreement with interested person

Felicia Tan
1-min read

The rental payable for the duration of the lease is $482,400 for the 600 sq ft area.

HC (TPY), the wholly-owned subsidiary of HC Surgical Specialists 1B1, has entered into a tenancy agreement with CHIH.

Under the agreement, CHIH will lease a portion of the premise at Block 190 Lorong 6 Toa Payoh #01-572 to HC for a term of three years from Sept 1 onwards. The rental payable for the duration of the lease is $482,400 for the 600 sq ft area. The sum represents about 6.93% of HC Surgical’s latest audited net tangible assets (NTA) of $6.96 million as at May 31, 2022.

CHIH is 100%-owned by Dr Heah Sieu Min, who is HC Surgical Specialists’ executive director and CEO.

When the tenancy agreement was signed on Sept 6, Heah was also the company’s controlling shareholder with a direct interest of 42.98% of its shares.

As such, the tenancy agreement would constitute an interested person transaction (IPT) under Chapter 9 of the Singapore Exchange Securities Trading (SGX-ST)’s Catalist rules.

HC is operating at the premises under the name HC Endoscopy & Piles Centre (TPY), which is 100%-owned by the former.

The current value of all IPTs, excluding any transaction below $100,000 for HC Surgical’s FY2024 ending May 31, 2024, currently stands at $559,176.

Shares in HC Surgical Specialists closed 2 cents lower or 5.26% down at 36 cents on Sept 6.

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