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Clearbridge Health Unit Sells Clearbridge Medical Hong Kong for HK$260,000

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Clearbridge Health (SGX:1H3) 80.2%-owned unit Clearbridge Medical Group has sold 100% stake in Clearbridge Medical Hong Kong Corporation to Tengfai (Hong Kong) for HK$260,000.

Under the terms of the contract, the consideration is payable in two equal instalments, according to a Friday filing to the Singapore stock exchange.

The disposal is aimed at helping the group to streamline its operations and improve cost efficiency to focus its resources on its current operations.

Clearbridge Medical Hong Kong operates Clearbridge Medical Centre, which is a family medicine clinic in Causeway Bay, Hong Kong.

The disposal is expected to result in a loss on disposal of approximately SG$70,793. Clearbridge Medical Hong Kong was in a net liabilities position of approximately S$164,297 as at June 30, of which around SG$131,766 is attributable to the company.

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Clearbridge Health Unit Sells Clearbridge Medical Hong Kong for HK$260,000 | FINWIRES