Acquisition and contract gains
April 28 2009 - 2:00AM
UK Regulatory
TIDMMEDI
RNS Number : 2409R
Medilink-Global UK Limited
28 April 2009
MEDILINK-GLOBAL UK LIMITED
Acquisition and contract wins
MediLink-Global UK Limited ("MediLink"), the electronic health card network
service provider, announces the acquisition of Lifeinc Holdings Pte Ltd
("Lifeinc Holdings"), a provider of third party administrator ("TPA") services
to clinics in Singapore, for a total consideration of SGD500,000 (circa
GBP230,000). MediLink also announces it has entered into a contract with
AXA-Winterthur in China and that it has won its first ever contract in Thailand.
Acquisition
Lifeinc Holdings was incorporated on 30 January 2009 for the purpose of taking
on the TPA business of Lifeinc Group Ltd and Lifeinc Healthcare Services Pte
Ltd. These businesses came with a healthcare provider network and a client list
of over 160 clinics and hospitals.
The consideration under the acquisition is SGD500,000 (circa GBP230,00), of
which SGD300,000 (circa GBP138,000) is payable in cash and SGD200,000 (circa
GBP92,000) is to be satisfied by the issue of 535,217 new ordinary shares at a
price of 18 pence per share. The new ordinary shares are expected to be issued
on or around 30 June 2009 and admitted to trading shortly following this date.
The acquisition will be immediately earnings enhancing.
AXA-Winterthur contract win
MediLink-Global UK Limited also announces that MediLink (Beijing) TPA Services
Co Ltd, a subsidiary of the Company, has entered into a contract to provide
Third Party Administrator ("TPA") services to AXA-Winterthur Insurance (Asia)
Ltd. Shanghai Branch ("AXA-Winterthur"). The contract will run for one year and
is subject to annual automatic renewal.
Under the contract MediLink will provide a comprehensive package of TPA services
using MediLink's bespoke Medical Claim IT System called ECCS (Electronic Claims
Clearance System) and MediLink's exclusive EDC (Electronic Data Capture)
healthcare provider network, with services that include cashless
hospitalisation, direct-billing medical claim processing, claim review, claim
analysis and management reporting, cost containment services, 24/7 call center
helpline service, online member portal, and special arrangement for Medical
Second Opinion.
First contract win in Thailand
MedilLink also announces that MediLink (Thailand) Co Ltd, a subsidiary of the
Company, has won its first ever contract in Thailand. The contract is to provide
TPA services for the Thai Insurance Public Company Limited. The initial term of
the contract is for two years and thereafter is subject to annual automatic
renewal. Medilink (Thailand) has already started deploying 200 units of its EDC
(Electronic Data Capture) terminals to clinics and hospitals across Thailand.
Shia Kok Fat, Medilink CEO, commented "Achieving a pan-Asian presence with a
particular emphasis on China remains an integral part of our strategy and I am
delighted to report on further progress in both areas. The acquisition of
Lifeinc Holdings will make a positive contribution to our profits and increases
our profile in Singapore which is essential as it is where many of the pan-Asian
insurance companies have their headquarters. We are extremely pleased with the
AXA contract gain as this shows we are progressing with our core strategy of
growing our presence in China. The contract gain in Thailand is an important
breakthrough into a market where we feel there is good potential for further
growth. I look forward to reporting on further progress as we continue to
establish a stronger foothold in existing markets as well as break into new
areas both organically and through acquisition."
Enquiries
+------------------------------------------+------------------------------------------+
| MediLink-Global UK Limited | Broker |
+------------------------------------------+------------------------------------------+
| Shia Kok Fat, Chief Executive Officer | SVS Securities Plc |
+------------------------------------------+------------------------------------------+
| Tel: 00 603 2296 3028 | Ian Callaway, Head of Corporate Broking |
+------------------------------------------+------------------------------------------+
| www.medilink-global.com | Tel: 020 7382 2870 |
+------------------------------------------+------------------------------------------+
| | |
+------------------------------------------+------------------------------------------+
| Nominated Adviser | Financial Public Relations |
+------------------------------------------+------------------------------------------+
| Dowgate Capital Advisers Limited | Walbrook PR Limited |
+------------------------------------------+------------------------------------------+
| Liam Murray | Ben Knowles |
+------------------------------------------+------------------------------------------+
| Tel: 020 7492 4777 | Tel: 020 7933 8780 or Mob. 07900 346 978 |
+------------------------------------------+------------------------------------------+
| | ben.knowles@walbrookpr.com |
+------------------------------------------+------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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