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Chabiotech |
[Alpha Biz= Reporter Kim Sangjin] Chai Healthcare, a subsidiary of Chai Bio-Tech, announced on the 19th that it has incorporated Singapore Medical Group (SMG) as a subsidiary. SMG operates 46 specialized clinics across three Southeast Asian countries.
According to Chai Healthcare, SMG's financial performance will be included in Chai Healthcare's consolidated financial statements starting from September 2024, which is expected to boost revenue and operating profit. Chai Healthcare's consolidated revenue for 2023 was KRW 701.2 billion.
Founded in 2005, SMG is the largest specialized clinic group in Southeast Asia. It operates clinics focusing on women's health, obstetrics, oncology, radiology, pediatrics, and dermatology in key cities in Singapore, Indonesia, and Vietnam.
Chai Healthcare began strategic investments in SMG in 2017 and became the largest shareholder with a 24% stake in 2019. The stake was increased to 42.4% in 2023 and recently to 64.2%.
Under Chai Healthcare's investment, SMG has expanded its clinic network from 30 to 46 locations and has seen consistent growth. SMG's revenue rose from SGD 68 million (approximately KRW 70 billion) in 2017 to SGD 123 million (approximately KRW 119 billion) in 2023. EBITDA also grew from SGD 13 million (approximately KRW 13.3 billion) to SGD 23 million (approximately KRW 24.1 billion) over the same period.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
