Novena Global Lifecare expands its healthcare business into
SINGAPORE, Jan. 21, 2020 /PRNewswire/ -- Novena Global Lifecare (the "Company" or "NGL"), one of Asia's largest integrated medical healthcare and aesthetic companies with over 250 clinics in 20 cities mainly in the Asia Pacific region, has bought into two day surgery centres operating at prime locations of Camden Medical Centre and Paragon Medical Centre in Singapore.
NGL will be the largest single shareholder with 55% stake in the centres in a deal size that's worth up to S$20 million. Aptus Surgery Centre ("Aptus") opened in Paragon Medical Centre in 2016 and Novaptus Surgery Centre ("Novaptus") was operational at Camden Medical Centre in 2019. Each have four state-of-the-art operating theatres with cableless pendant systems and are equipped for a range of surgeries, including plastic, dental and eye procedures. Patients are also able to have hand, laparoscopic surgery and endoscopic diagnostic procedures carried out.
Terence Loh, co-founder of DORR Group which owns NGL, said: "We are excited with this acquisition as the day surgery centres further complement our suite of medical healthcare and aesthetic services. Day surgery centres are known to be more cost-effective as it helps patients to save time and costs in today's escalating healthcare costs. Acquiring the day surgery centres is in line with NGL's practice of providing affordable healthcare to its clients."
Day surgery centres, also known as ambulatory surgical centres, are same-day surgery centres equipped to handle procedures requiring sedation or general anaesthesia. Set up to complement the hospital system, the centres relieve the demand for hospital beds and is also a more cost-effective service for those who are going through surgeries that do not require them to stay overnight at a hospital.
In 2019, there were 20 Ministry of Health ("MOH")-approved ambulatory surgical centres in Singapore.
Said Dr Lim Cheok Peng, Senior Medical Adviser to NGL and former Managing Director and Chief Executive Officer of Parkway Holdings Limited: "This acquisition will be a value-added offering by the NGL group as it seeks to enlarge its health services businesses in Singapore. As with NGL's regional network, it aims to scale the business to replicate similar state-of-the-art facilities across Asia."
According to a 2019 Business Times report, the number of surgical procedures done in Singapore was about 800,000 in 2016, with 37 per cent comprising day procedures. The newspaper also reported that the growth in day procedures outpaced inpatient procedures, growing at a 16-year cumulative average growth rate of 7.6 per cent as compared to 2.1 per cent growth in inpatient procedures.
Dr Lim Beng Hai, as the new Medical Director of Novena Global Surgery, the NGL subsidiary which the two centres will be parked under, said: "I am excited to have Novena Global Lifecare join us as a strategic partner and I am confident that with NGL's expertise in A.I Technology, and local and regional reach in healthcare, Aptus and Novaptus as Novena Global Surgery can move to greater heights and allow premier affordable Ambulatory Care Centres in Singapore and around the region."
About Aptus Pte Ltd and Novaptus Pte Ltd (To be renamed Novena Global Surgery by first half of 2020)
Aptus and Novaptus are premier but affordable day surgery centres in Singapore with state-of-the-art equipment and facilities dedicated for surgeries in Orthopaedics, Hand, ENT, Gynaecology, Urology, Plastic, Oral Surgery, Ophthalmology, Gastroscopy and Colonoscopy. The design configuration of the centres are focused on efficient use of space to maximise efficient nursing care, and private suites and recovery rooms with excellent monitoring equipment provide maximum comfort for patients. Each centre has a professional administration system for easy scheduling of surgeries, efficient and quick turnarounds with minimal delay.
Novaptus has a dedicated state of the art operating facilities for eye surgery. This allows for complex eye surgeries, such as vitrectomy and cornea transplants to be done there safely in addition to the less complex ones like cataract surgeries. Novaptus has the only Zeiss Opmi Lumera 700 in private practice, apart from the National University Hospital. This microscope is equipped with Zeiss Rescan 700 microscope and Integrated Intraoperative OCT. The SCI and Zeiss CALLISTO is the most advanced Centurion Vision System for cataract work and the Constellation Vision System for retina work.
About Novena Global Lifecare
Novena Global Lifecare (NGL) is one of the largest integrated medical healthcare and aesthetic groups regionally with presence in Singapore, Mainland China, Hong Kong, South Korea, Taiwan, Indonesia, India and Malaysia.
Founded in 2010 by former investment bankers and cousins Terence and Nelson Loh, the group's network is now in 250 locations in over 20 cities and drives a multi-million revenue portfolio that provides lifecare management solutions tailored to Asian demographics to help customers in their journey of well-being across their life stages.
NGL has established a track record of more than 7 million procedures performed worldwide and over 2 million patients in its Pan Asian patient database. Founded in 2016, NGL is the first medical aesthetics group in the world to integrate in-house medical equipment manufacturing, CRM data analytics, and research and development and sells its line of skincare products in some 1,000 points of sale in the world. NGL's subsidiary, Novena Life Sciences is the largest enterprise health screening provider in Taiwan which carries out corporate health screenings: under the brands of Hexin Health Corporation, Bolian Biotech and Lianwei Biotech.
About DORR Group
DORR Group is a private investment company co-founded by Nelson Loh and Terence Loh, which currently manages over US$4 billion of assets across various industries from consumer, healthcare, technology and media. The founders and the key executives have a combined track record in excess of 50 years of experience in investment, structuring and operational aspects, particularly in aesthetic healthcare and consumer/retail.
SOURCE Novena Global Lifecare