Phoenix Healthcare and China Resources Medical signed a formal transaction agreement on the acquisition of the hospital assets of China resources medical treatment
On August 30, Phoenix Healthcare and China Resources Healthcare Group Limited ("China Resources Healthcare") signed a formal transaction agreement on the acquisition of wholly-owned subsidiary Ample Mighty Limited Company ("Ample Mighty") of China Resources Heathcare and or the right of management operations. Phoenix Healthcare will issue approximately HK $ 463 million to China Resources Healthcare at HK $ 8.04 per share. The transaction amount will be approximately HK $ 3.72 billion.
The underlying transaction is Ample Mighty, a wholly owned subsidiary of China Resources Healthcare. Ample Mighty operates and manages four non-profit hospital groups (including three subordinate pension agencies) and one for-profit out-patient (collectively referred to as "the underlying hospital"), of which four non-profit hospital groups are Wugang Hospital Group of China Resources, Kuanggong General Hospital Group of Huaibei, Kuangshan Hospital of Xuzhou City and 999 Brain Hospital of Guangdong, profit-oriented clinics is the 999 Clinic (Shenzhen) limited liability company. The underlying hospital includes 44 medical institutions; all of them are designated medical insurance units. By the end of December 31, 2015, there are 5,809 beds in operation.
After the completion of the transaction, China Resources Healthcare will become the largest shareholder of Phoenix Healthcare; Phoenix Healthcare will be officially renamed as China Resources Phoenix Healthcare Holdings Co., Limited ("China Resources Phoenix"), with total 101 medical institutions and 3 elderly care agencies under operation and management. and 11,900 beds in operation.
Through this cooperation with China Resources Healthcare, Phoenix Healthcare will rapidly expand its hospital network covering the beijing-tianjin-hebei region to a number of key areas in China, the underlying hospital will become China Resources Phoenix's regional medical center and establish a cross Regional medical platform on this basis. This is not only in line with long-term development strategy of the Phoenix Healthcare and China Resources Healthcare, but also can effectively enhance the brand awareness and influence. Phoenix Healthcare and China Resources Healthcare is committed to the creation of China Resources Phoenix to become a common platform for the development of healthcare services and health industry, as well as the international influence of the well-known medical service enterprises, to fulfill the concept of social responsibility development through the development of the industry.