China’s Cedar­lake Huarong in­vests in Sin­ga­pore’s Novena Life­care

Mint Asia ST - - News Dealstreetasia - B Y TA NU PA NDEY

Chi­nese as­set man­ager Cedar­lake Huarong Group has made its first health­care in­vest­ment in Sin­ga­pore, in­ject­ing an undis­closed amount in Novena Global Life­care Group. The in­vest­ment is ex­pected to help Novena Global to ex­pand through or­ganic growth and make ac­qui­si­tions in China’s frag­mented health­care and aes­thet­ics sec­tor, ac­cord­ing to a 2 Jan­uary an­nounce­ment. Also, the in­vest­ment is an ini­tial com­mit­ment that is ex­pected to in­crease as the ex­pan­sion plan gains mo­men­tum.

Founded by for­mer in­vest­ment bankers and cousins Ter­ence and Nel­son Loh, Novena Global is a Sin­ga­pore-based in­te­grated health­care and med­i­cal aes­thetic group with more than 100 points of sales in the re­gion, in­clud­ing Sin­ga­pore, Hong Kong, Tai­wan, Korea, In­done­sia, India, Malaysia, China, and also Spain.

Its busi­ness tar­gets three key ar­eas, namely pre­ven­tive care through health screen­ings, nu­tri­tion and sup­ple­ments; pre­dic­tive care through DNA test­ing to iden­tify po­ten­tial sus­cep­ti­bil­i­ties to ill­ness; and re­ju­ve­na­tive care through aes­thetic med­i­cal ser­vices.

In Novem­ber, the com­pany ac­quired four eye-care clin­ics in Sin­ga­pore and a ma­jor­ity stake in Tai­wan’s Hexin Group, which is the third largest health­care screen­ing provider in Taipei. It is also look­ing at a list­ing on the Tai­wan Stock Ex­change to raise $150 mil­lion and use the funds to grow or­gan­i­cally and through ac­qui­si­tions.

The com­pany plans to fur­ther ex­pand its chain of clin­ics in gate­way cities in China of­fer­ing med­i­cal aes­thet­ics, stem cell treat­ments, skin and body care prod­ucts, health screen­ings, DNA test­ing and post-natal care.

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