Singapore Medical Group Limited (Catalist:5OT) entered into a framework agreement to acquire Astra Women’s Specialists (WB) Pte. Ltd., The Women’s Specialist Centre (HC) Pte. Ltd., Fong’s Clinic For Women & Fertility Pte. Ltd., Astra Centre for Women & Fertility Pte. Ltd., The London Clinic & Surgery For Women Pte. Ltd., James Lee Healthcare Pte. Ltd. and Alpha Healthcare International Pte. Ltd. from Chan Weng Buen, Henry Cheng Hung, Tho Chin Keong, Lee Weng Soon James and Fong Yang for SGD 63 million on October 11, 2016. Astra Women’s Specialists, The Women’s Specialist Centre, The London Clinic and James Lee Healthcare will be acquired from Chan Weng Buen, Henry Cheng Hung, Tho Chin Keong and Lee Weng Soon James respectively. Fong’s Clinic For Women & Fertility and Astra Centre for Women & Fertility will be acquired from Fong Yang. Chan Weng Buen, Lee Weng Soon James, Tho Chin Keong, Henry Cheng Hung and Fong Yang will each sell 20% stake in Alpha Healthcare International. SGD 33 million will be paid in cash and 81.11 million shares will be issued by Singapore Medical Group as consideration. Upon signing of the framework agreement, SGD 0.1 million will be paid and on closing SGD 10.9 million will be paid. On the first anniversary of the completion date SGD 11 million will be paid and on the second anniversary SGD 11 million will be paid. The consideration shares are subject to a six months moratorium period commencing from the completion date. The cash consideration is intended to be funded by a combination of Singapore Medical Group's internal resources and fund raising in the capital markets. Upon completion, Astra Women’s Specialists, The Women’s Specialist Centre., Fong’s Clinic For Women & Fertility, Astra Centre for Women & Fertility, The London Clinic & Surgery, James Lee Healthcare and Alpha Healthcare International (Target Companies) will become wholly-owned subsidiaries of Singapore Medical Group. The aggregate net profit after taxation of target companies was approximately SGD 5.993 million. The transaction is subject to completion of internal restructuring exercise by Chan Weng Buen, Henry Cheng Hung, Tho Chin Keong, Lee Weng Soon James and Fong Yang (vendors), completion of satisfactory due diligence, execution of consultancy agreements with vendors and all approvals, waivers or consents required for registration, approval from Board of Directors and shareholders of Singapore Medical Group, approval in-principle from the SGX-ST for listing of consideration shares, execution of share charge and listing of consideration shares. Completion of the transaction is expected to take place on January 31, 2017. Claudia Teo of Harry Elias Partnership acted as legal advisor for Singapore Medical Group. As of December 6, 2016 the vendor entered into six separate share purchase agreements with SMG Astra Women’s Specialist Pte Ltd. The vendors undertook restructuring due to which there is change in target entities. The revised list of target firms include Astra Women’s Specialists (WB) Pte. Ltd., The Women’s Specialist Centre (HC) Pte. Ltd., Fong’s Clinic For Women & Fertility Pte. Ltd., Astra Centre for Women & Fertility Pte. Ltd., TCK @Novena Pte. Ltd., Astra Women’s Specialists (JL) Pte. Ltd. and Alpha Healthcare International Pte. Ltd. Singapore Medical Group Limited (Catalist:5OT) completed acquisition of Astra Women’s Specialists (WB) Pte. Ltd., The Women’s Specialist Centre (HC) Pte. Ltd., Fong’s Clinic For Women & Fertility Pte. Ltd., Astra Centre for Women & Fertility Pte. Ltd., TCK @Novena Pte. Ltd., Astra Women’s Specialists (JL) Pte. Ltd. and Alpha Healthcare International Pte. Ltd. from Chan Weng Buen, Henry Cheng Hung, Tho Chin Keong, Lee Weng Soon James and Fong Yang on February 8, 2017.