Singapore's SPH seeking to enter healthcare business
SINGAPORE, April 25 (Xinhua) — Singapore Press Holdings Limited (SPH) announced Tuesday it is seeking to enter the healthcare business by acquiring nursing home provider Orange Valley Healthcare (OV) at 164 million Singapore dollars (117.74 million U.S. dollars).
SPH said the purchase was done in consideration of Singapore’s increasing demand for aged care services in the next decade.
The proportion of population aged above 65 in Singapore is expected to double by 2030 to 900,000 from the current 450,000.
“The investment gives us an opportunity to contribute to the healthcare needs of our aging community,” said CEO of SPH Alan Chan.
Chan said that SPH is looking forward to partnering the management and staff of OV to provide caring, competent and compassionate service to the elderly and their caregivers.
Karam Butalia, executive chairman of KV Asia Capital, noted that Orange Valley has been providing Singaporeans with a one-stop comprehensive eldercare service for more than 20 years.
“We trust that SPH will help solidify its position as the preeminent provider of high-quality nursing care in Singapore, and bring its holistic and integrated healthcare service to a higher level,” he added.
OV now operates five nursing homes islandwide with over 900 beds. It also provides ancillary services like providing meal and catering services, offering physiotherapy and rehabilitation services, and supplying medical, nursing and healthcare equipment and consumables. (1 Singapore dollar = 0.72 U.S. dollar)