snf-to-acquire-healthway-in-reverse-takeover

SNF to acquire Healthway in reverse takeover

The electronics supplier intends to change its business profile and boost profitability by merging with the Singaporean healthcare provider.

By Rosie Slater

January 09, 2008

SNF Corporation, the Singaporean electronics supplier, has reached a preliminary agreement with Universal Healthway to acquire Healthway Medical Services HMS, the Singaporean healthcare provider, in a reverse takeover worth S$525 million $367 million. HMS is a wholly owned subsidiary of Universal Healthway.

SNF, which incurred losses in 2006 and in the third quarter of 2007, will benefit through the deal from access to Singapore's lucrative healthcare sector, as well as enhanced profitability and market profile, according to an announcement filed by the company on the Singapore Exchange website.

ôThe medical industry in Singapore and the region is growing,ö says Low Shion Jin, chief executive officer of SNF Corporation. ôThe proposed agreement could...

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