BEIJING, Dec. 28, 2020 /PRNewswire/ -- Concord Medical
Services Holdings Limited ("Concord Medical" or the "Company")
(NYSE: CCM), a healthcare provider specializing in cancer care,
research and prevention by operating a network of medically
advanced comprehensive cancer hospitals and standalone radiotherapy
and diagnostic imaging centers in China, today announced
that the Company has, through its subsidiaries, entered into a
definitive agreement to sell 90% equity interest in Concord
Healthcare Singapore Pte Ltd, which operates and owns a general
medical and surgical hospital, namely Concord International
Hospital ("CIH"), for a total consideration of approximately
SG$52.2 million. The purchasers have taken over the management of CIH and Concord Medical
has ceased control over the management of CIH since the closing
date in November 2020. Concord
Medical has requested the purchasers to complete the renaming of
CIH within the next six months or sooner. Concord Medical's board
of directors believes the transaction price reflects the fair market value of CIH based on a valuation report by an independent
third-party appraisal company engaged by the Company.
"Our divestment of CIH allows
Concord Medical to fully concentrate on our efforts to build
comprehensive cancer hospitals in China," Dr. Jianyu
Yang, Chairman and Chief Executive Officer of Concord
Medical, commented. "Going
forward, we expect to open our Guangzhou Concord Cancer Center at
the beginning of 2021, and the Company will make every effort to
ensure that our other cancer hospital projects will be completed on
time, with our mission of emphasis on quality and safety."
About Concord Medical
Concord Medical Services Holdings Limited is a healthcare
provider specializing in cancer care, research and prevention. The
Company operates a network of medically advanced comprehensive
cancer hospitals and standalone radiotherapy and diagnostic imaging
centres in China. The Company
focuses on providing multidisciplinary cancer care approach in all
areas of oncology services in its cancer hospitals. The Company
also equips its hospitals with technologically advanced equipment
such as the state-of-the-art proton therapy system in its
Beijing, Shanghai and Guangzhou cancer hospitals. As of June 30, 2020, the Company operated a network of
27 centers based in 20 hospitals, spanning over 20 cities across 13
provinces and administrative regions in China. To ensure the commitment to the highest
level of clinical care for patients, the Company offers ongoing
education and training for doctors and other medical professionals
in its network hospitals and centres in both local and overseas
medical institutions. For more information, please see
http://ir.ccm.cn.
Safe Harbor Statement
This announcement contains forward-looking statements. These
forward-looking statements can be identified by words or phrases
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar expressions.
Forward-looking statements are inherently subject to uncertainties
and contingencies beyond the Company's control and based upon
premises with respect to future business decisions, which are
subject to change. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. The Company does not undertake any
obligation to update any forward-looking statement, except as
required under applicable law.
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SOURCE Concord Medical Services Holdings Limited