FINWIRES · TerminalLIVE
FINWIRES

Jardine Matheson Acquires Australian Imaging I-Med Radiology for AU$3.4 Billion

By
Jardine Matheson Acquires Australian Imaging I-Med Radiology for AU$3.4 Billion

Jardine Matheson (SGX:J36) has agreed to fully acquire Australia-based I-Med Radiology Network for AU$3.4 billion as part of its strategy to invest in and control "high-quality businesses" in Asia Pacific.

I-Med operates 215 diagnostic imaging clinics across Australia and New Zealand, according to a Monday filing with the Singapore Exchange.

The Singapore-listed conglomerate will acquire the business from funds advised by private equity firm Permira.

The transaction also includes I-Med's minority stake in Harrison.ai, a developer of AI radiology products.

Jardines said the investment is also in line with its plans to expand into "strong growth verticals" such as healthcare diagnostics.

"As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth. I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED's core markets as well as

new markets," said Jardines CEO Lincoln Pan.

I-Med performs more than 7 million patient procedures annually. The imaging services provider has integrated AI medical technologies into its operations alongside its teleradiology system, which allows for the remote interpretation of medical images.

"We are looking forward to working with Jardines, well known as a long-term investor and owner in the region, to execute on our growth agenda," I-Med CEO Shrey Viranna said.

"This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities."

Jardines, an Asia-focused diversified investment company, has recently ramped up efforts to boost shareholder returns. In November 2025, the conglomerate launched a share buyback program expected to return approximately $250 million to its investors.

This followed an October 2025 move to acquire the remaining outstanding shares of Mandarin Oriental International (SGX:M04), subsequently delisting the hotel group from the Singapore bourse.

After facing headwinds from U.S. tariff hikes the previous year, Jardines rebounded to profitability for the full year 2025. The company posted a profit attributable to shareholders of $1.11 billion, a sharp recovery from the $468 million loss reported a year earlier.

The I-Med acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to be completed later this year, Jardines said.

Related Articles

China Proposes Fines For Futu, Tiger, Longbridge in Trading Crackdown
US Markets

China Proposes Fines For Futu, Tiger, Longbridge in Trading Crackdown

The China Securities Regulatory Commission (CSRC) has launched an investigation into three international securities brokers for operating without proper approvals, the regulator announced in a notice on Friday.The probe is part of China's two-year initiative to crack down on cross-border investment services conducted by overseas financial institutions.Tiger Brokers (NZ), Futu Securities International (Hong Kong), and Changqiao Securities (Hong Kong), also known as Longbridge, received administrative penalties for conducting securities trading within mainland China without the regulator's approval.In a statement, Futu disclosed that the CSRC proposed a 1.85 billion yuan fine against the company, along with a 1.25 million yuan penalty for its founder and CEO Li Hua. The broker added that it is cooperating with the regulator.Futu disclosed in 2022 that mainland Chinese customers accounted for 35% of its customer base, according to 36Kr.Tiger Brokers' Nasdaq-listed parent company, UP Fintech, said it was handed a potential 308.1 million yuan fine. The firm said it is cooperating with regulatory authorities, pledging to "strictly implement the rectification measures required."Longbridge also expressed its willingness to comply with rectification measures imposed by the CSRC, but did not disclose the details of its penalties, Reuters reported.The CSRC said it is partnering with eight other government departments to ban illegal cross-border business activities conducted by foreign entities.The regulator emphasized that it will enforce strict regulatory requirements that have "teeth and barbs," maintaining clear legal boundaries.Jefferies said in a note to clients on Friday that the CSRC's announcement provided detailed guidelines on how the crackdown will be implemented, particularly regarding the penalized firms."During the rectification period, overseas institutions are prohibited from providing illegal buy trades or fund inflows to existing investors within the mainland," Jefferies said."After the rectification period ends, overseas institutions must fully shut down domestic websites, trading software and supporting servers, and are prohibited from providing illegal trading and related services to existing investors within the mainland.

Shanghai Composite^SZSE
Singapore Holds Growth Outlook Despite Middle East Conflict; Q1 GDP Grows 6%, Beating Forecasts
US Markets

Singapore Holds Growth Outlook Despite Middle East Conflict; Q1 GDP Grows 6%, Beating Forecasts

Singapore's economy expanded faster than expected in the first quarter of 2026, boosted by AI-driven demand, prompting the government to reaffirm its growth outlook for 2026 despite the Middle East conflict.First-quarter GDP expanded 6% year over year, sharper than the 5.7% jump in the fourth quarter of 2025, according to data from the Ministry of Trade and Industry on Monday.The latest print beat the 5.2% forecast by economists polled by Bloomberg and the 4.6% estimate in a separate poll by Reuters.On a seasonally adjusted quarter-over-quarter basis, the economy grew 1% in the January-March period, easing from the 1.3% growth in the previous quarter. However, it beat Reuters' forecast for a 0.3% drop.The Ministry of Trade and Industry maintained its full-year growth forecast at 2% to 4%, unchanged from the range it set in February, although it warned about risks stemming from the US-Iran conflict. The city-state's GDP grew 5% in 2025."[D]ownside risks to Singapore's economic outlook have risen significantly," the MTI said, citing the global energy disruption from the Middle East conflict and renewed US tariff actions that could weigh on consumer and business sentiments.The MTI also warned that a sudden decline in global AI investments could trigger downturns in global financial markets, potentially causing ripple effects throughout the wider economy.The ministry also acknowledged that the global disruptions have already spilled over to the domestic economy, with oil refineries and petrochemical crackers already reducing their run rates. Several downstream petrochemical and chemical firms have already declared force majeure.The MTI noted that trading volumes in the fuel and chemicals segment of the wholesale trade sector have declined due to disruptions to energy supplies.However, the government sees sustained AI spending as a key driver of growth for the electronics and precision engineering clusters within the manufacturing sector.The MTI expects demand for AI-related semiconductors to remain robust for the rest of the year."[R]obust AI-related demand led to growth in the machinery, equipment & supplies segment of the wholesale trade sector, as well as the electronics and precision engineering clusters within the manufacturing sector," the MTI said.Singapore's manufacturing industry expanded 7.9% in the first quarter, decelerating from the 11.4% growth in Q4 2025, as biomedical manufacturing and chemicals clusters contracted.The construction sector, however, saw output growth accelerate to 11.8% from 4.6% previously, boosted by expansions in both public and private sector construction output.The wholesale trade sector grew 11.7%, faster than 9.9% previously, while the retail trade sector rose 2.6%, also speeding up from the 2.3% increase in Q4 2025 on the back of higher non-motor vehicular and motor vehicular sales volumes.Singapore's real estate sector expanded 3.1% year over year in Q1, softer than the 3.6% increase in the prior quarter.The Monetary Authority of Singapore last month tightened its monetary policy, citing the risk of inflation from the Middle East conflict. MAS also lifted its core inflation and headline inflation forecast to a range of 1.5% to 2.5% from 1% to 2% previously.

^STI
Dow Reaches Fresh Peak as S&P 500 Logs Eighth Consecutive Weekly Jump
US Markets

Dow Reaches Fresh Peak as S&P 500 Logs Eighth Consecutive Weekly Jump

The Dow Jones Industrial Average hit a new record high on Friday, while the S&P 500 logged its eighth consecutive weekly advance.The Dow rose 0.6% to settle at 50,579.7, logging an all-time closing high for a second day in a row. The S&P 500 ended 0.4% higher at 7,473.5, while the Nasdaq Composite added 0.2% to 26,344. Barring communication services and consumer staples, all sectors were in the green, led by healthcare.US markets are closed on Monday for the Memorial Day holiday.This week, the Dow gained 2.1%, the S&P 500 advanced 0.9%, and the Nasdaq climbed 0.5%.Kevin Warsh formally assumed leadership of the Federal Reserve on Friday, replacing former Chair Jerome Powell amid growing signs of division at the central bank as inflation heats up.Warsh's nomination by US President Donald Trump had raised concerns about the central bank's independence."Markets increasingly believe that the (Federal Open Market Committee) -- and its new chair -- will act to burnish their inflation-fighting credentials and keep their independence intact," Scott Anderson, chief US economist at BMO, said in a report Friday. "This likely means holding policy rates higher for longer to prevent higher energy prices from feeding into longer-term inflation expectations."Fed officials flagged the possibility of raising interest rates if the Middle East conflict dragged on and kept inflation above the 2% goal, minutes from the central bank's April meeting showed Wednesday.Fed Governor Christopher Waller said Friday he is prepared to be patient in holding monetary policy at its current restrictive stance as the Middle East conflict continues to evolve."If I believe inflation expectations start to become unanchored, I would not hesitate to support an increase in the target range for the federal funds rate," Waller said. "But at this point, that action is premature."West Texas Intermediate crude oil was up 0.3% at $96.68 a barrel in Friday late-afternoon trade, while Brent rose 1.2% to $103.78. Both benchmarks were on track for weekly declines."Markets are still searching for signs of progress in a potential deal between the US and Iran," ING Bank said in a report Friday. "While there are signs of optimism, uncertainty reigns."A Qatari negotiating team arrived in Iran Friday to help secure a deal to end the conflict, Reuters reported, citing an unnamed source.US Treasury yields were mixed, with the 10-year rate last down one basis point at 4.56% and the two-year rate rising four basis points to 4.13%.In company news, Dell Technologies (DELL) shares soared nearly 17%, the top gainer on the S&P 500, as Wells Fargo raised its price target on the stock to $270 from $180.Take-Two Interactive Software (TTWO) shares fell 4.4%, the second worst performer on the S&P 500. Late Thursday, the video game publisher logged a smaller-than-expected fiscal fourth-quarter loss and said it was on track to launch the highly anticipated "Grand Theft Auto VI" Nov. 19.In economic news, US consumer sentiment declined to a fresh record low in May as people fear that high gasoline prices could erode their purchasing power, according to a survey by University of Michigan."Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices," Surveys of Consumers Director Joanne Hsu said. "The cost of living continues to be a first-order concern, with 57% of consumers spontaneously mentioning that high prices were eroding their personal finances, up from 50% last month."Gold was last down 0.7% at $4,509.10 per troy ounce, while silver lost 1% $75.96 per ounce.

Dow JonesNasdaq CompositeS&P 500$DELL$TTWO