RMG acquires majority interest in American International Hospital

The arrangement is subject to the fulfilment of certain conditions and relevant regulatory approval. As part of the agreement, the group will also enter into a management service agreement to manage operations at AIH.

AIH was purpose-built in 2018 and is a fully equipped 120-bed tertiary hospital located in An Phu ward, Thu Duc city, Ho Chi Minh City. AIH has five operating theatres and offers a full range of specialists and essential diagnostics capabilities. The hospital is a Joint Commission International (JCI) accredited hospital and has been managed by its founders since commencing operations and continues to see steady growth in both outpatient and inpatient volumes. It currently has about 500 staff, including 60 doctors.

This arrangement will enable RMG to penetrate the growing demand for private healthcare services in Vietnam and augment its existing clinic operations. It is also part of the group’s long-term strategy to further diversify its hospital operations beyond Singapore and China. This expansion will build stronger resilience in both RMG's healthcare services and hospital services, with further geographical and revenue mix diversification.

The valuation of AIH was arrived at on a 'willing-buyer and willing-seller' basis, after considering the valuation of the hospital asset of $45.6 million. RMG commissioned Savills Vietnam Co., Ltd to make the valuation in July this year. The group expects to fund the deal from internal resources.

“We are excited about the opportunity to partner with My My through AIH. The management of AIH has, in a few short years, completed important milestones, including building a strong positive reputation for quality service and attaining JCI accreditation," said Loo Choon Yong, executive chairman of RafflesMedicalGroup.

"RMG is committed to offering our unique brand of Raffles care and hospital services to meet the diverse needs and preferences of patients in the region,” he added.

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