Singapore, 30 April 2024 – Fullerton Health Corporation Limited (“Fullerton Health” or the “Company”) announced today that it has come into an agreement with Far East Drug (B.V.I.) Co. Ltd. (“Far East Drug” or “FED”), involving an investment in a majority stake in the business by Far East Drug.
Headquartered in Singapore, Fullerton Health operates in nine markets across Asia with a strong presence in the Philippines and Indonesia. It owns over 550 facilities and has more than 6,000 employees. Fullerton Health’s revenue surpassed S$900 million for the financial year ended 31 December 2023.
Fullerton Health’s Group CEO and Executive Director Mr. Ho Kuen Loon said, “Far East Drug is a strong and like-minded strategic partner. This synergistic collaboration between our entities will propel us towards an even higher growth trajectory. We are excited to work together and further develop our value proposition across Asia. This partnership maximizes our ability to broaden the coverage of and deepen access to healthcare services across the region. As always, we remain steadfast in our commitment to delivering excellence to all our clients and patients. This alliance will allow us to raise the bar on the value we provide to all stakeholders.”
With a fortified balance sheet from this transaction, Fullerton Health will unlock the full potential of the group to pursue growth opportunities. This partnership will solidify Fullerton Health’s position as the leading vertically integrated pan-Asian healthcare platform. FED will be the majority shareholder in the business after the investment and customers can expect uninterrupted service and Fullerton Health’s unwavering commitment to uphold the brand’s hallmark standards of service and product quality. FED envisions this strategic alignment will bolster Fullerton Health’s market presence and amplify its offerings.
Fullerton Health’s current majority shareholder, RRJ Capital (“RRJ”), is fully supportive of the transaction and shall remain committed to the growth of the Company.
Fullerton Health expects the transaction to be completed in the second quarter of 2024, subject to customary closing conditions and approvals from the relevant regulatory authority(s). BofA Securities acted as the sole financial advisor to Fullerton Health, and Morgan Stanley acted as the sole financial advisor to Far East Drug for the transaction.
