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HealthBank Signs MOU to Explore Acquisition of Wee Chwee Huat Scaffolding

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HealthBank (SGX:40B) signed a memorandum of understanding with Boldtek Projects, Bitgo Capital and Tan Huah Sun to explore the potential acquisition of Wee Chwee Huat Scaffolding & Construction, and its unit WCH Management Services.

The target group provides scaffolding, temporary access and workforce training services, while its subsidiary operates worker dormitories in Singapore, according to a Tuesday Singapore Exchange filing.

HealthBank said the potential acquisition could diversify its revenue base and benefit from demand linked to construction and infrastructure projects.

The parties will conduct legal, financial, tax and operational due diligence before negotiating a definitive agreement. The MOU may terminate within six months if no deal is reached, it said.

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