The Company has received the above balance payment of S$200,000 from Crest. Upon receipt of the said balance payment, there are no further outstanding instalments due from Crest under the Settlement Agreement. There are also no other pending or outstanding claims between the Company and Crest. 

 

SHARES of OUE Lippo Healthcare closed higher on Tuesday (May 24), after the healthcare group said it will form new partnerships to add to its healthcare network.

 

The counter gained as much as 18.4 per cent or S$0.007 to trade at S$0.045 as at 9.04 am, before closing 5.3 per cent or S$0.002 higher at S$0.04 on Tuesday.

 

No married deals were recorded, according to ShareInvestor data.

 

As at 9.43 am, its shares have eased slightly to trade at S$0.041, up 7.9 per cent or S$0.003. Some 12.3 million shares worth S$540,000 changed hands.

 

On Monday, OUE Lippo Healthcare said Echo Healthcare Management, its joint venture with OUE, has formed a partnership called Echo Healthcare Services with 3 medical specialist groups.

 

The 3 partners include Respiratory Medical Associates (RMA) and The Respiratory Practice (TRP), which provide treatment for lung, sleep and allergy disorders, and Thoracic & Cardiovascular Surgery Specialists (TCSS), which provides cardiac and thoracic surgery.

 

Echo Healthcare Management will hold a 60 per cent stake in the new joint venture, while the founders of the medical specialists groups will hold the remaining 40 per cent stake collectively.

 

Echo Healthcare Services will also hold a 60 per cent stake in each of the medical specialists groups.

 

The total aggregate purchase price for all 3 specialist medical groups is S$31 million, comprising S$6.5 million for RMA&rsquo s shares, S$8.3 million for TRP&rsquo s shares and S$16.2 million for TCSS&rsquo shares, and payable with a mix of shares and cash.

 

The board of directors expects the company to tap on the medical specialists to elevate the overall healthcare standards and quality of OUE&rsquo s regional healthcare network. The medical partners will also be integrated into the healthcare network while retaining their clinical independence in their own practices.

CATALIST-LISTED OUE Lippo Healthcare $ OUE Lippo HC: 5WA +2.86% (OUELH) on Tuesday reported a net loss of S$2.5 million for the second half of the year ended December, versus a net loss of S$97.5 million in the corresponding year-ago period.

 

This translated to a loss per share of S$0.00056, versus a loss per share of S$0.02194 in H2 2020.

 

No dividend was declared for the period under review, unchanged from the previous year.

 

The company' s full-year earnings came in at S$111.4 million, reversing from a loss of S$98.7 million in the previous year.

 

Revenue for H2 inched down 1 per cent to S$10 million from S$10.1 million in the year-ago period. Cost of sales for the period was up 21 per cent to S$2.9 million from S$2.4 million.

 

For the full-year, revenue was down 2 per cent to S$19.7 million from S$20 million. OUELH' s topline, which mainly comprised rental income from its 12 nursing homes in Japan, revenue from its pharmaceutical distribution business and the Wuxi Lippo Xi Nan hospital in China, was down marginally due to the weaker exchange rate of Japanese yen to Singapore dollar.

 

Cost of sales for the year was up 6 per cent to S$5.1 million, due primarily to higher cost of sales incurred by Wuxi Lippo Xi Nan hospital as a result of ramping up its sales during the year from adapting its its services to the on-going Covid-19 pandemic.

 

The group, however, booked a 16 per cent decrease for the full year in administrative expenses due to stringent cost management and lower costs incurred in relation to corporate, merger and acquisition activities.

 

As at end-December, OUELH' s net current liabilities amounted to S$21.1 million due to a shareholder' s loan totalling $4.15 million that was accounted for as current liabilities, as well as provisions of S$22.5 million.

 

The board of directors, however, confirmed that the company is able to meet its debt obligations as and when they fall due in view of the continuing efforts by management to improve the financial position of the group.

 

In its outlook statement, OUELH said the Covid-19 pandemic continues to present challenges and uncertainties for the global economy, particularly with the recent emergence of the Omicron variant.

 

However, the company said more countries are adopting a " co-exist" approach towards the virus as global vaccination rates increase.

 

" While we are hopeful that the global economy will eventually recover, we remain cautious and will continue to monitor the global pandemic situation."