Singapore Medical Group

Singapore Medical Group: its subsidiary SMG Int’l Partners (SMGIP) and PT Avrist Assurance have signed an exclusive cooperation agreement in Jakarta, such that all medical cases from Avrist to Singapore will be channeled exclusively through SMGIP. This would result in SMGIP having access to more than one million Avrist customers in Indonesia, supported by more than 4500 agents and 450 employees in 47 sales offices. Both group and individual Avrist customers can now look forward to seeking out-patient and in-patient care with SMG and the network of hospitals SMG operates from. Avrist is a JV life insurance co in Indonesia established in 1975, backed namely by its JV partner DEG (Deutsche Invetitions-und-Entwicklungsgesellschaft), a member of KfW Bankengruppe, as well as Meiji Yasuda Life. SMG was loss making for the trailing 12 mths, and trades at 3.9x P/B.