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Following Oct 2, 2023, 11:30pm EDT, Singapore-based Raffles Medical Group – controlled by tycoon Loo Choon Yong – has agreed to buy a majority stake in the American International Hospital (AIH) located in Ho Chi Minh City, Vietnam, to diversify and extend its healthcare offerings beyond Singapore and China. Valued at $45.6 million, the 120-bed facility, that had been operational since 2018, comprising 500 staff and 60 doctors, will be managed through a separate management agreement that is subject to regulatory approval.
This expansion by Raffles Medical, funded by internally generated resources, is bolstered by the company’s significant financial fortitude indicated by an end-June balance sheet of nearly S$300 million in cash and cash equivalents – along with a net profit of S$60 million on a revenue of S$371 million over the initial six months of 2020.
The move follows Singaporean billionaire Peter Lim’s relatively recent takeover of Far East Medical Vietnam, owners of FV Hospital in Ho Chi Minh City, valuing at $381.4 million.
Founded in 1976 by Loo Choon Yong, Raffles Medical, thanks to further acquisitions, now has more than 100 clinics spanning throughout the continent. Their flagship hospital in Singapore offices driving Rochetted Medicine’s continued success and expansion despite the typicially limiting environment surrounding the industry. Its founding medic having a current individual net worth of $1 billion, Bo recognized ranked No. 44 on the most recently published list of Singapore’s 50 Richest.
