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Mubadala Healthcare and AsiaMedic Limited announced today their agreement to establish and manage a wellness and diagnostic centre in Abu Dhabi. The centre will comprise a number of lifestyle medical clinics and diagnostic imaging facilities, addressing the significant demand in the region for these specialist treatments, all in one convenient location.
The state-of-the-art clinics at the centre will provide services including women’s health and aesthetics, wellness and comprehensive health screening, dentistry, dermatology, ENT and allergy, diagnostic cystoscopy (urology), endoscopy, and general practice and paediatrics.
Under the terms of the agreement, Singapore’s experienced healthcare services provider, AsiaMedic Limited, a company listed on the Singapore Stock Exchange, will work together closely with Mubadala Healthcare to design, plan and develop the facilities before assuming its role as clinical operator to manage the centre.
Scheduled for completion by the end of 2010, the centre will be located in Arzanah - the new mixed-use development area surrounding Zayed Main Stadium and the beach front across the Khaleej Al Arabi road - alongside two other Mubadala Healthcare facilities: Wooridul Spine Centre and the relocated Abu Dhabi Knee and Sports Medicine Centre.
“Today’s agreement with AsiaMedic Limited is another example of our commitment to partnering with the very best international organizations to bring world-class clinical treatment to patients in the region,” said Mark Erhart, Executive Director of Mubadala Healthcare. “The centre’s location alongside two other facilities from our integrated healthcare network brings a diverse range of high quality clinics together all under one roof. This combination of specialist services will bring many benefits to bear, including bilateral referral opportunities and shared diagnostic imaging facilities that provide our patients with a high quality experience and a seamless service to suit their needs.”
“As part of AsiaMedic’s strategy to expand its business and manage high-end multi-disciplinary medical centres in Asia and the Middle East, this collaboration provides a good platform for the company to be involved in the Middle East market,” said Dr. Khor Chin Kee, the Chief Executive Officer of AsiaMedic Limited.
The contract is not expected to have any material impact on the consolidated earnings per share and net tangible assets per share of the AsiaMedic Group for the year ending 31 December 2009.
None of the Directors or the Substantial Shareholders of AsiaMedic Limited has an interest, direct and indirect, in the above transaction.
The duration of the contract for the mobilization phase is 25 months beginning from the execution of the contract until the centre starts operations. The duration of the contract for the operations phase is 10 years with the possibility of renewal for another 10 years.
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