Malaysia: ISEC Healthcare to buy Indah Specialist Eye Centre

Just as it has been taken over, Singapore-listed eye care service provider ISEC Healthcare is looking to buy Indah Specialist Eye Centre in Johor Bahru, Malaysia, for M$37.4m (US$9.1m).

The company’s audited net asset value and net tangible assets was M$6.1m at the end of June last year with annual profits standing at M$4m.

In a statement to the SGX, ISEC said that Indah Specialist had maintained a stable increase in income stream and profit track record for the last three financial years.

“Indah Specialist is expected to provide the group with a growing stream of recurring income and cash flow in Johor Bahru where the demand for specialised and quality medical eye care services is expected to increase,” it said.

The past year has been challenging for ISEC.

At the end of August, Beijing-based Aier Eye Hospital Group took an initial stake in the group. By the end of the year, Aier had increased its stake to 56.5% after the close of its mandatory offer.

At the end of last week, Macy Thong, ISEC’s chief financial officer, stepped down.