SINGAPORE (Reuters) – Fullerton Healthcare Corp said it has agreed a settlement with two of its co-founders, in a move that will enable the Singapore-based regional private healthcare group to complete its merger proposed by buyout firm RRJ Capital, its main creditor.
Two of Fullerton’s shareholders and directors Michael Tan and Daniel Chan have withdrawn a petition filed in January this year to wind up the company, Fullerton said in a statement on Tuesday.
Tan and Chan are co-founders of Fullerton along with David Sin, the company’s group president.
The settlement” will make way for Fullerton to complete the merger that “involves a cash injection of S$350 million ($252 million) and a loan arrangement, as well as a new corporate structure,” said the company, which has 500-plus clinics in eigh countries.
($1 = 1.3906 Singapore dollars)
(Reporting by Yantoultra Ngui; Editing by Anshuman Daga, Editing by Louise Heavens)
