Singapore Press Holdings (SPH) has entered the healthcare sector. This is through the acquisition of Orange Valley Healthcare (OV) at a consideration of approximately SG$164 million, done through its wholly-owned subsidiary, Invest Healthcare (IHPL).
This saw IHPL purchasing shares and intellectual property of OV from KV Asia Capital, which acquired OV in April 2014. According to Alan Chan, CEO of SPH in a press statement, the investment will give the organisation an opportunity to contribute to the healthcare needs of the ageing community. This comes at a time where Singapore has a greying population with a need for long term medical care, he added.
"We look forward to partnering the management and staff of Orange Valley to provide caring, competent and compassionate service to the elderly and their caregivers. We also look forward to working with the Ministry of Health and the regional healthcare systems to improve the accessibility and quality of aged care in Singapore," Alan Chan, CEO of SPH, said.
OV, through several subsidiaries, operates a number of nursing homes and ancillary services such as providing meal and catering services, offering physiotherapy and rehabilitation services, and supplying medical, nursing and healthcare equipment and consumables.