CATALIST-LISTED OEL (Holdings) reported on Sunday, that it has concluded the acquisition of a 51 per cent closure in Shanghai Longjian Hospital Management.
The company’s wholly-owned; subsidiary AJJ Health Care Management led the investment through on Shanghai Longjian. Shanghai Longjian, founded in the Chinese city of Shanghai last year, is in the business of hospital management, medical technology, biotechnology technology development and health-management consulting.
OEL in its regulatory filing disclosed, the chairman and executive director of OEL Zhang Jian, will be leading Shanghai Longjian together with the personnel hired by AJJ to supervise the commercial activities of Shanghai Longjian. With the completion of the acquisition
In other news, Shanghai Longjian founder and legal representative Ye Wenzheng will no longer be considered key management personnel but will continue to lead the medical team.
OEL also announced in June that it has entered into a joint venture (JV) agreement with Shanghai Suntec Co. According to the agreement, AJJ and Shanghai Suntec will incorporate a JV company in Singapore.
The JV Company will be responsible for the manufacturing and distribution of the HIFU-2001 machine that is used for tumor ablation, and Shanghai Longjian will be providing medical treatment guidance and services for the operation of the HIFU-2001 machine.
“The group is expecting to launch and market these medical products and services in July, and eventually offer these services to South-east Asia, the United States and other countries,” said OEL.
“The medical team of Shanghai Longjian are also working together with the Chinese government to develop the Covid-19 Rehabilitation Program, which actively promotes treatment and prevention of Covid-19 in the community,” OEL added.
OEL shares last traded at 2.3 Singapore cents before it called for a trading halt last Friday.