Aier Eye Hospital Group Co., Ltd. (SZSE:300015) intends to make a mandatory conditional cash offer to acquire the remaining 65% stake in ISEC Healthcare Ltd. (Catalist:40T) for approximately SGD 120 million on October 25, 2019. As per the terms, consideration for each offer share will be SGD 0.36 per share in cash. Aier Eye Hospital Group is not obliged to extend the offer if the minimum acceptance condition is not fulfilled by the closing date. Choong Yee Fong, Michael Law Sie Haur, Fang Seng Kheong, Lim Kian Seng will be resigning from their positions and entering into new employment agreements. Lee Hung Ming, Wong Jun Shyan, Robert Yeo Kim Chuan will enter into their respective supplemental service agreements and supplemental employment agreements.

The offer is subject to minimum acceptance condition and the execution employment agreements. As of November 22, 2019, the board of ISEC Healthcare Ltd recommend the shareholder of ISEC Healthcare Ltd to accept the offer, unless shareholders are able to obtain a price higher than the Offer Price on the open market, taking into account all brokerage commissions or transaction costs in connection with open market transactions. The offer is open for acceptance by shareholders for at least 28 days after the dispatch date. As of December 2, 2019, the offer has been declared unconditional with Aier Eye having received valid acceptances in respect of 82.95 million shares, representing 15.58% stake, resulting in the Aier Eye holding 269.27 million shares representing approximately 50.58% of the entire issued share capital of ISEC Healthcare. The offer will close on December 6, 2019. As of December 2, 2019, the closing date was extended from December 6, 2019 to December 20, 2019.

CIMB Bank Berhad, Singapore Branch has been appointed as the independent financial adviser for ISEC Healthcare Ltd. and CEL Impetus Corporate Finance Pte. Ltd. acted as financial adviser to Aier Eye Hospital Group Co., Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. acted as the registrar for ISEC Healthcare Ltd.

Aier Eye Hospital Group Co., Ltd. (SZSE:300015) completed the acquisition of an additional 21.53% stake in ISEC Healthcare Ltd. (Catalist:40T) for SGD 41.3 million on December 20, 2019. Aier Eye Hospital Group Co., Ltd. acquired 114.6 million shares at the end of the offer period on December 20, 2019 and now holds 56.53% stake.