SGX-listed property and retail giant, Metro Holdings (SGX:M01) ("Metro") has agreed to invest S$6 million for 10% in SGX-listed Hyphens Pharma International's (SGX:1J5) ("Hyphens") digital healthtech unit DocMed Technology ("DocMed"). The investment represents a Series A round of funding for DocMed, giving it a post-money valuation of S$60 million based on the subscription price.
As part of the transaction, Hyphens will undertake a restructuring exercise to transfer its shareholding in Pan-Malayan Pharmaceuticals to DocMed, making Pan-Malayan a wholly-owned subsidiary of DocMed. The restructuring is part of plans to consolidate all digital assets of the group under DocMed to develop an integrated digital healthtech platform.
DocMed plans to use the investment to further its growth plans, which include developing an integrated healthtech platform, incorporating various healthtech solutions to cater to healthcare stakeholders in Singapore and the Asia-Pacific region. The investment will help DocMed expand in the region, while leveraging on Hyphen's and Metro’s regional presence.
For more information, please contact Jeremiah Huang or refer to the media's coverage of the transaction and the announcements by each of Metro and Hyphens on SGXNet.