Asiamedic

Asiamedic: Group signs HOA with Five Oceans Service Co Ltd (FOSC) to incorporate a JV company in Myanmar to set up a PET/CT scanner in City Hospital and a MRI scanner in Nyein Hospital in Mandalay, Myanmar. FOSC manages City Hospital and Nyein Hospital. Nyein Hospital is a general hospital that operates 180 beds. Its sister general hospital, City Hospital currently operates 130 beds with expansion plans of upgrading to 300 beds in the next two years. Nyein Hospital and City Hospital collectively serve over 700 specialist out-patients daily, while its wards operate at almost full capacity, translating to a consistent pool of patients requiring PET/CT and MRI scans daily. AsiaMedic expect demands for PET/CT scans from physicians in other hospitals in Myanmar as well. Currently, patients in Myanmar have to go overseas for PET/CT scans. In the event of a definitive JV agreement entered between the two companies, Asiamedic will take a 49% stake, with FOSC holding the remaining 51% in the JV company. An aggregate minimum of US$3m will be injected into the JV co.