Expansion of CarePlus Clinics in Vietnam by A Consortium of Investors

Led by Reciprocus Financial Services in Singapore

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SINGAPORE – Media OutReach – 14 April 2021 – A consortium of investors, led by Reciprocus Financial Services Pte Ltd (RFS), acquired a 13% stake in CityClinic Asia Investments Pte Ltd (CCAI), which holds a 100% foreign investor license for Vietnamese healthcare operations and fully owns and runs three primary and specialist care clinics under the “CarePlus” brand in Ho Chi Minh City, Vietnam. The investment by RFS is held through Reciprocus Viethealth (Holding) Pte Ltd (RVH). CCAI also appoints Mr David Emery, Founder of the Reciprocus Group of Boutique Advisory Companies, to be a Director of the Board. A portion of the investment has gone towards outfitting CarePlus’ new state-of-the-art medical hub in Saigon’s District 1 which opened in October 2020. The remaining funds will be used to add satellite clinics to the CarePlus network and to expand the specialist verticals.

Mr Lim Thiam Kon, Co-Founder & Chairman of CCAI, said: “We welcome RVH and its group of seasoned investors on board and as part of the CCAI platform. The Vietnamese government is forward looking and highly supportive of private providers to take on a more prominent role in the healthcare service market, thus creating excellent opportunities for private players to get involved. We are glad that the investors see this need and opportunity which is in line with the Founders’ vision to offer best-in-class quality healthcare services to the vastly Vietnamese growing middle-class.”

The Consortium joins a group of existing shareholders, inclusive SGX-listed Singapore Medical Group (SGX: 5OT) which had first invested in CCAI in 2016. Thanks to SMG’s involvement, CarePlus clinic patients in Vietnam can have access to telemedicine services to consult with SMG’s specialists throughout their treatment cycle, thus being able to speak with the Group’s specialists in Singapore without having to leave Vietnam.

David Emery, Founder of the Reciprocus Group of boutique advisory companies said, “We have been impressed with the structure of CCAI’s business and their Vietnam-based management team’s execution capabilities. Our Consortium understands the opportunity in Vietnam, where the number of hospital beds to population ratio presently is 2.9 per 1,000, while the number of physicians to population ratio stands at 0.8 per 1,000 which will undoubtedly grow significantly towards the OECD average of 4.7 per 1,000 and 3.3 per 1,000 respectively.”

About CityClinic Asia Investments Pte Ltd (CCAI)

Incorporated in Singapore, CCAI is a limited liability company and is involved in management consultancy services and investment holdings. CCAI’s current core investment is its wholly-owned subsidiary, CityClinic Vietnam Limited, which is having a 100% foreign investor licence for Vietnamese healthcare operations, so far running three multi-disciplinary healthcare specialist clinics under the CarePlus brand in Ho Chi Minh City, Vietnam. CarePlus is an associate of Singapore Medical Group, a specialist and primary healthcare provider with a network of more than 20 medical specialties and 38 clinics across Singapore.

For more information, please click the link https://www.cityclinicasia.com/.

About Reciprocus Group of Boutique Advisory Companies

Founded in 2011, Reciprocus Group of Boutique Advisory Companies is headquartered in Singapore and has offices in Zurich and New York. The company is leveraging on its extensive global network of experienced professionals and entrepreneurs and initially focused on facilitating mergers, acquisitions and divestitures by providing high-quality research, scouting and deal execution services.

Reciprocus has since grown its scope of services to include advisory services in the financial services sector. For more information, please click the link http://reciprocus.com/