Global Times
Singapore-listed Q&M Dental Group agreed Tuesday to pay 21.6 million Singapore dollars (17 million U. S. dollars) through a subsidiary for a 60 percent stake in Aoxin Stomatology Group based in China’s northeastern major city of Shenyang.
The group’s founder and chief executive officer Ng Chin Siau said his firm expects the acquisition to help expand its presence in the fledgling market in northeastern China with a “ready-made stage and presence.”
“This is obviously a significant step in our expansion plans in China … We believe this partnership will translate to favorable returns to our shareholders and to the business in the near future, ” Ng said.
A leading private provider of quality dental services, Aoxin was founded in 1993. It owns three dental hospitals, three dental clinics and a training center, with a total net tangible asset of 23 million yuan (3.8 million US dollars). It has more than 100 dentists and more than 100 nurses.