Accrelist to acquire The Wellness Clinic for $17 mil as part of outreach to affluent clientele

Uma Devi

SINGAPORE (Sept 17): Accrelist, the provider of corporate accretion services, is set to acquire a 100% stake in The Wellness Clinic for a consideration of $16.96 million from current owner Verita Healthcare Group.

In a regulatory filing on Tuesday, Accrelist says the amount will be satisfied partially in cash which will be funded through a combination of internal resources and/or a fundraising exercise, while the remainder will be financed by the allotment and issuance of ordinary shares in the capital of the company at an indicative issue price of 12 cents per share.

Shares in Accrelist closed 1.5 cent higher at 8.1 cents on Tuesday, prior to the announcement.

The Wellness Clinic, located at Wheelock Place, specialises in non-surgical aesthetics treatments for dermatological conditions.

The group says that this acquisition is in line with its Medical Aesthetics arm’s goal to target the affluent clientele, while the group pursues international expansion simultaneously.

Accrelist recently opened its first two overseas medical aesthetics clinics in Penang and Kuala Lumpur, and expects to open two more clinics in Malaysia by the end of this year.

Terence Tea, executive chairman and managing director of Accrelist, says, “The proposed acquisition is expected to result in synergies for the group as we continue to grow Accrelist Medical Aesthetics.”