Singapore Medical Group Limited (Catalist:5OT) entered into a sale and purchase agreement to acquire an additional 10% stake in The Cancer Centre Pte. Ltd. from Wong Seng Weng for SGD 2.9 million on April 20, 2017. Under the terms of transaction, Singapore Medical Group Limited will acquire 0.05 million The Cancer Centre Pte. Ltd. shares and will issue 5.4 million new shares as part of the consideration. The Cancer Centre Pte. Ltd had revenues of SGD 16.32 million and net income of SGD 2.92 million for the year ended December 31, 2016. As of December 31, 2016, The Cancer Centre had net assets of SGD 5.65 million. The transaction is subject to approval of shareholders of Singapore Medical Group Limited, subject to obtaining all applicable governmental or regulatory approvals, including but not limited to any SGX-ST requirements, a listing and quotation notice for the listing and quotation of the consideration shares and other customary conditions. As on June 16, 2017, Singapore Medical Group Limited issued circular to its shareholders along with notice of extraordinary general meeting to be held on July 5, 2017. The Board of Directors of Singapore Medical Group Limited recommends the shareholders to vote in favor of the transaction in extraordinary general meeting on the basis of recommendations given by independent financial advisor. As on July 5, 2017, Singapore Medical Group Limited shareholders approved the transaction. The transaction is expected to be accretive to earning per share. RHT Capital Pte. Ltd. acted as independent financial advisor to independent Directors of Singapore Medical Group Limited.