HC Surgical Specialists Limited (Catalist:1B1) entered into a sale and purchase agreement to acquire 51% stake in HMC Medical Pte. Ltd from Chee Hsing Gary Andrew, Lee Peng Khow, Foo Wai Lin Catherine, Goh Hin Hwa Grace, and Wong Yuen Lan for SGD 0.67 million on January 2, 2018. Chee Hsing Gary Andrew and Lee Peng Khow will also remain as shareholders of HMC, each with an equity interest of 24.5%. HC Surgical Specialists Limited shall grant general practitioners an option to re-purchase all, and not some, of the sale shares at SGD 2, for a period of 1 month after the date falling 42 months from the commencement of employment. HC Surgical Specialists Limited will use proceeds from initial public offering to fund the transaction. As of June 30, 2017, HMC Medical Pte. Ltd had net asset value of SGD 0.04 million. HMC will continue to be helmed by Chee Hsing Gary Andrew and Lee Peng Khow as general practitioners. The transaction is subject to as general practitioners and HMC entering into a service contract relating to the employment of the general practitioners; appointment of Heah Sieu Min (HC Surgical Specialists Limited's Executive Director and Chief Executive Officer) and Chia Kok Hoong (HC Surgical Specialists Limited’s Executive Director and Medical Director) to be nominated by the HC Surgical Specialists Limited as directors of HMC; and the resignation of Foo Wai Lin Catherine and Goh Hin Hwa Grace as directors of HMC. The transaction is earning accretive.